World Bank president sees opportunity, peril

The World Bank’s annual Spring meeting started in Washington, D.C., on April 20.

World Bank President Jim Yong Kim talked to reporters about economic prospects. He started by talking about prospects for strong growth after several years of stagnation. He also noted that a series of “several overlapping crises” put the world economy at peril—“conflict, climate shocks, the worst refugee crisis since World War II, and famine in parts of East Africa and Yemen, which the UN has called the worst in 70 years.”

Kim said the financial industry had to adapt to help the world, “We have to find new and innovative ways to reach the poor and make the world more secure and more stable and to help the world grow.”

He was short on details of how this might be accomplished, however.

Kim also noted that spreading technology destabilized nations.

He said he expected two-thirds of all jobs in developing countries would be wiped out by automation.

An even greater issue was internet access. When people could see standards of living around the globe, they began to aspire to greater wealth and comfort, and felt greater dissatisfaction with their current situations.

“We looked at how satisfied people are and what is going to affect their overall level of satisfaction  and what we found is access to the internet, on the one hand, increases their satisfaction in the short term, but also raises, very quickly, the income to which they compare their own.

“If you have rising aspirations and connect those with opportunity you can get really great dynamism in a society.

“But if those rising aspirations then meet frustration, we are very worried about more and more countries going down the path to fragility, conflict, violence, extremism and of course eventually migration because the other thing that access internet does it increases people’s desire to migrate,” he said.

 
 
 
RECOMMENDED ARTICLE

When lion lies down with the little lamb

When lion lies down with the little lamb
READ MORE >
 
 

Trump Names North Korea a State Sponsor of Terrorism

Trump Names North Korea a State Sponsor of Terrorism
President Donald Trump designated North Korea a state sponsor of terrorism on Monday, opening the door to additional ...
READ MORE >
 
US

Opioid Crisis Cost Economy $504 Billion in 2015: White House

Opioid Crisis Cost Economy $504 Billion in 2015: White House
WASHINGTON—The economic cost of the opioid crisis in 2015 was $504 billion, or 2.8 percent of GDP, according ...
READ MORE >
 

North Korea’s No. 2 Official Subjected to ‘Unknown Punishment’

North Korea’s No. 2 Official Subjected to ‘Unknown Punishment’
The head of North Korea’s most powerful military organization is being punished after a key military organ came ...
READ MORE >
 

Shoddy Construction on China’s High Speed Railway Exposes Systemic Problems

Shoddy Construction on China’s High Speed Railway Exposes Systemic Problems
When a tragic collision of two high-speed trains in Wenzhou, China, resulted in the deaths of 40 people ...
READ MORE >
 

Orangutan makes trade with a human in the zoo

Orangutan makes trade with a human in the zoo
I assure you that when you'll see the orangutan in this video making a trade with a human, ...
READ MORE >