Every year the IMF and the World Bank hold a conference-style event that is referred to as the Spring Meetings. These Spring Meetings bring together central bankers, ministers of finance and development, private sector executives and academics to discuss global issues such as global economy, international development, and the world’s financial markets.
This year I had the opportunity to attend the 2018 Spring Meetings where discussions were held about threats and opportunities of technological changes as it affects global economies and policies. Here are 2 takeaways from the 2018 Spring Meetings focused on technology and innovation including some of my related articles:
Technological Changes → Job loss → Re-skill → New Jobs
Some jobs will never be recovered
The flow of technology and expertise doesn’t flow easily across countries
Even within countries, technological impacts are uneven causing inequality
A good balance between data privacy and business models is needed that benefits societies at a larger scale
Depending upon where innovation (internal or external) to the organizations is can impact society at different levels
A good balance of foundations and advance education is needed
Specialized knowledge can negatively impact holistic societal impacts
Artificial Intelligence (AI)
Dystopian Views: AI will take over most human activities and would rule over humans
Middle Ground Views: AI will augment and enhance human activities but never replace humans
Utopian Views: AI will take over most human activities that would free up time for humans to do other things
The Brave New World of Data
Data quality issues are borderless
Standard data definitions of economic data has to be agreed upon and used
Data is being used to build economic policies
Data is being used to create multinational economic blocs
Data is being used to assess the humming of the global economy
Data Standardization and Harmonization àData Transparency àData Accountability
PARTNERSHIPS
For economic prosperity, no organization, country, region is an island in of itself
Bridges need to be created across, public, private, academic, non-profit and shareholders
Regulations are slow to adapt to technological advancements and can be too heavy-handed or light-touch if not properly understood by policymakers
Grassroots changes are affecting how governments function and adapt
Technology and innovation should have executive level consideration across all branches of government and not just a ministry or a few people
Bonus: IMF’s Innovation Lab (iLab)
IMF has created the iLab whose goal seems to be to look at how technology and innovation are affecting the global economy and economic policies in various countries.
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