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Tag Archives: technology

What Pandemics Mean for Robots and Inequality

By Tahsin Saadi Sedik and Jiae Yoo From car manufacture to self-service checkouts, we all see how automation can transform the world of work—with lower costs and higher productivity on one hand, and more precarious employment for people on the other. But the COVID-19 pandemic added fuel to the fire. The rise in telework, for example, is hurting low-wage workers and increasing inequality. More broadly, if the pandemic accelerates the pace of automation, then we may face a jobless recovery...

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A New Vision for the US Climate Agenda

By Ian Parry  عربي, 中文, Español, 日本語, Português, Русский  Over the next decade, global greenhouse gas emissions need to be cut by 25– 50 percent to be on track for meeting the 2015 Paris Agreement goal of containing global warming to 1.5–2°C. The United States intends to do its part. Its climate plan pledges US carbon neutrality by 2050, with a 2030 emissions target to be announced shortly. The United States will need to act decisively to help deliver the global emissions reductions needed...

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The Haves and Have-nots Of the Digital Age

By Gita Bhatt Accelerated by the pandemic, the digital future is coming at us faster than ever before, and maybe faster than we can imagine. In this issue of Finance & Development magazine, we explore the possible consequences—the good, the bad, and the gray. For millions, technology has been a lifeline, changing the way we work, learn, shop, and entertain ourselves. In a year like no other, it has spurred game-changing digital shifts. Governments moved quickly, using mobile solutions to...

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Chart of the WeekHow e-Government Services Can Pay Dividends

By Ali Al-Sadiq The ability to renew your passport or driver’s license, pay a tax bill, or access government data with the click of a button or swipe of a screen, anytime and anywhere, has grown more important during the COVID-19 pandemic to prevent the spread of the virus. Beyond the obvious efficiency and transparency gains that digital government services provide, “e-government” can actually make an economy more attractive to foreign investors. Recent IMF staff research has linked―for the...

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Legally Speaking, is Digital Money Really Money?

By Catalina Margulis and Arthur Rossi Countries are moving fast toward creating digital currencies. Or, so we hear from various surveys showing an increasing number of central banks making substantial progress towards having an official digital currency. But, in fact, close to 80 percent of the world’s central banks are either not allowed to issue a digital currency under their existing laws, or the legal framework is not clear. To help countries make this assessment, we reviewed the...

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The Jobs of Tomorrow

By Saadia Zahidi This article first appeared in Finance & Development magazine. The World Economic Forum’s Future of Jobs Report 2020 comes at a crucial juncture for the world of work. The report, now in its third edition, maps the jobs and skills of the future, tracking the pace of change based on surveys of business leaders and human resource strategists from around the world. Some jobs will disappear and others will emerge as the world faces a dual disruption. This year, we aim...

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Reclaiming Our World Post-2020

By Atish Rex Ghosh As 2020 draws to a close, many of us cannot wait for this annus horribilis to end. And for good reason: this year has seen more than a million and a half COVID-19 deaths; an economic collapse far greater than that of the 2008 financial crisis; a boiling-over of resentment against decades of racial and social injustice; record numbers of wildfires decimating millions of acres of pristine forests; and locust plagues of Biblical proportions. Yet, 2020 also gives us reason for...

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What is Really New in Fintech

By Arnoud Boot, Peter Hoffmann, Luc Laeven, Lev Ratnovski The financial industry is undergoing rapid technological change. Traditional banks face competition from online start-ups with no physical branches. Social media and other digital platforms are expanding into payments and credit. The increase in demand for digital services triggered by COVID-19 is turbo-charging this transformation. The confluence we are witnessing is driving fintech innovation and raises important questions. What are...

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Glaciers of Global Finance: The Currency Composition of Central Banks’ Reserve Holdings

By Alina Iancu, Neil Meads, Martin Mühleisen, Yiqun Wu  Español, 中文, Français, 日本語, Русский  The currencies that are being held by central banks as foreign exchange reserves have remained largely steady over decades. Changes in the composition of these holdings can, at best, be described as glacial in pace. But geopolitical shifts and technological revolutions are reshaping the global economy and the international use of currencies. These forces, and the fallout from the COVID-19 pandemic,...

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How Artificial Intelligence Could Widen the Gap Between Rich and Poor Nations

By Cristian Alonso, Siddharth Kothari, and Sidra Rehman  Español New technologies like artificial intelligence, machine learning, robotics, big data, and networks are expected to revolutionize production processes, but they could also have a major impact on developing economies. The opportunities and potential sources of growth that, for example, the United States and China enjoyed during their early stages of economic development are remarkably different from what Cambodia and Tanzania are...

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