Four multilateral development banks present study on technology's impact on jobs

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LONDON. KAZINFORM Rapid technological progress provides a significant opportunity for emerging and developing economies to grow faster and attain higher levels of prosperity. 

However, some disruptive technologies could displace human labour, widen income inequality and contribute to greater informality in the workforce. Tapping new technologies in a way that maximises benefits, mitigates adverse effects and shares opportunities among all citizens will require public-private cooperation and smart public policy, EBRD's official website reads.

That is one of the main conclusions of a new study: The Future of Work: Regional Perspectives, released today by four regional multilateral development banks (MDBs): the African Development Bank (AfDB), the Asian Development Bank (ADB), the European Bank for Reconstruction and Development (EBRD) and the Inter-American Development Bank (IDB).

The study, which was presented at a seminar hosted on 19 April at the IDB in Washington, D.C., explores the potential impact of technology in global labour markets and identifies concrete actions countries can take to prepare for the changing nature of jobs and leverage the benefits of emerging technologies.

The Future of Work: Regional Perspectives analyses the challenges and opportunities presented by artificial intelligence, machine learning and robotics in what is known as the Fourth Industrial Revolution. Potential challenges include increased inequality and the elimination of jobs, as well as the high degree of uncertainty brought about by technological change and automation. The greatest opportunities come from gains in economic growth that can result from increased productivity, efficiency, and lower operating costs.

The study includes chapters focusing on how new technological developments are already affecting labour markets in each region.


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