As humanity enters the Fourth Industrial Revolution, development of artificial intelligence (AI) must be guided by one overarching principle – technology must augment, not replace, human capability and opportunity.
Experts speaking at an interactive session on artificial intelligence at the World Economic Forum’s Annual Meeting agreed that technology and access to technology must be democratized. They said it is essential to provide people with the relevant knowledge and skills to lay the groundwork for a more egalitarian and sustainable era of cognitive computing.
Ginni Rometty, Chairman, President and Chief Executive Officer at IBM Corporation, USA, which has taken the lead in cognitive computing within the information technology industry and has developed the advanced AI platform Watson, said transparency is imperative to develop trust in cognitive computing. Soon, everyone will be working with AI technologies and people will want to know how they were designed, by which experts and using which data. “Humans need to remain in control of it,” Rometty said, adding that it is imperative that technology be created for, by and with the people.
Panellists agreed that ethical and legal concerns must be factored in at the start of the design process, underlining the importance for customers, lawyers, ethicists, scientists and technology developers to work together.
Highlighting the need to democratize technology design, Joichi Ito, Director, Media Lab, Massachusetts Institute of Technology, USA, said it is worrying that the demographic in Silicon Valley consists of mostly white men. He gave the example of a face-recognition technology that failed to recognize dark faces, reflecting a lack of diversity among the engineers who designed it. “AI is still a bespoke art; the customer cannot imagine the tool yet,” he said, suggesting that stakeholders, including the customer, the lawyer and the ethicist, have a say in technology creation.
Satya Nadella, Chief Executive Officer at Microsoft Corporation, USA, said his organization is focusing on how to make technology broadly accessible. He cited the success of Microsoft’s Skype Translator, the speech-to-speech translation application available for free download. Speaking of the challenges that lie ahead, Nadella said many questions remain to be answered, such as how to fix responsibility for decisions made by algorithms that humans have not written, and whether the AI surplus that will be created will be shared equitably.
“Overall world GDP growth is not stellar,” Nadella said. “We actually need AI.” To ensure that AI and the Fourth Industrial Revolution help solve the pressing problems of today, such as climate change, education and drug discovery, and to ensure inclusive growth, it is important to help train people for the jobs of the future, he said. In a world with a surfeit of AI, human values such as common sense and empathy will be scarce. These are the values that the citizens of tomorrow would need most to make humanity the very best it can be, he added.
Ron Gutman, Founder and Chief Executive Officer of HealthTap, an online application that brings patients and doctors together, said AI will create new jobs that do not exist today. For instance, sensors and wearables provide so much data that it will become possible to move from reactive to proactive medicine, creating a new ecosystem of jobs.
Rometty highlighted her idea of “new collar” jobs, which pivots on the belief that the skills needed for tomorrow’s jobs are not just the high-end, high-technology skills that can only be acquired through a traditional college degree. Many jobs, such as those of cloud computing technicians and service delivery specialists, will need skills often obtained through vocational training or in non-traditional ways. She emphasized at the same time that everybody will need retraining.
Ito agreed, noting that everybody will have to acquire an understanding of AI, and education systems will have to be made more dynamic as technology will change rapidly.
ADB Project to Improve Fiscal Management, Develop Capital Markets in Armenia
The Asian Development Bank (ADB) has approved a $40 million-equivalent policy-based loan attached to reforms that help strengthen fiscal sustainability and develop the financial and capital markets in Armenia. These are crucial enablers of private sector development.
Armenia’s economic growth over the last few years has been hampered by low levels of investment, both foreign and domestic, given the high costs of local currency finance and related constraints in the financial system. Efficiency-promoting upgrades in public investment and fiscal management are also needed to ensure sustained improvements in fiscal outlook and sovereign risk pricing.
“Financial markets remain nascent in Armenia, which limits the development of the country’s private sector and the banking industry,” said ADB Senior Financial Sector Economist for Central and West Asia Mr. João Farinha Fernandes. “This also constrains public finance and fiscal management, while exposing the economy to financial stability risks. ADB’s assistance is intended to help ensure that Armenia develops a conducive fiscal and financial intermediation environment where private sector players, both big and small, can contribute to growth and development.”
ADB approved a $50 million policy-based loan in November 2018 as part of an ongoing programmatic engagement on financial reforms to strengthen public debt and fiscal risk management, and to develop financial markets in Armenia.
The Second Public Efficiency and Financial Markets Program continues these reforms by strengthening the effectiveness of the government’s fiscal risk management function; promoting the development of fiscally responsible public–private partnerships; and enhancing market transparency and predictability in public debt management. The program will also improve the infrastructure of the government securities market and money market infrastructure, enhancing the sustainability and resilience of Armenia’s finance sector.
Bangladesh Can Boost its Exports with Better Logistics
To meet the needs of its growing economy and to boost export growth, Bangladesh needs to improve its transport and logistics systems, says a new World Bank report launched today.
The report Moving Forward: Connectivity and Logistics to Sustain Bangladesh’s Success, finds that by making logistics more efficient, Bangladesh can significantly boost export growth, maintain its position as a leading ready-made-garments and textile producer, and create more jobs. The report notes that congestion on roads and in seaports, high logistics costs, inadequate infrastructure, distorted logistics service markets, and fragmented governance hamper manufacturing and freight, further eroding Bangladesh’s competitive edge and putting its robust growth path at risk.
“Bangladesh’s congested transportation and often unsophisticated logistics systems impose high costs to the economy,” said Mercy Tembon, World Bank Country Director for Bangladesh and Bhutan. “By making its logistics more efficient, Bangladesh can significantly optimize its connectivity, business environment, and competitiveness, putting the country on the right path to become a dynamic upper-middle-income country.”
Efficient logistics, the report argues, has become one of the main drivers for global trade competitiveness and export growth and diversification. For Bangladesh, improving its logistics performance provides an opportunity to increase its world market share in garments and textiles, which account for 84 percent of its total exports, expand into new markets, and diversify its manufacturing and agriculture into high-value products.
The report notes that improving Bangladesh’s logistics requires a system-wide approach based on greater coordination among all public institutions involved in logistics and with the private sector, increasing the effective capacity of core infrastructure, and removing distortions in logistics service markets to reduce costs and improve quality. At a regional level, harmonizing its logistics systems and aligning its customs with that of its neighbors could turn Bangladesh into an important node for regional freight flows and further boost its trade.
“There’s no doubt that reforms and investments for better transport and logistics will yield Bangladesh substantial economic benefits and strengthen its competitive advantage,” said Matías Herrera Dappe, Senior Economist at the World Bank and author of the report. “But the solution to logistics is not just to invest more but to invest better, by focusing on the service gap, and creating the incentives for high quality and competitive logistics services.”
New development models to drive growth and employment for youth in Africa
The United Nations Environment Programme (UNEP) today launched the Global Environment Outlook-6 (GEO-6) for Youth in Africa report on the margins of the 17th session of the African Ministerial Conference on the Environment (AMCEN).
The report analyses the economic opportunities that Africa’s natural resources can provide for job creation and sustainable development. It also provides a package of solutions to tackle Africa’s youth unemployment through the Green Economy.
“This Publication is anchored substantively in the UNEP’s sixth Global Environment Outlook (GEO-6) Regional Assessment for Africa,” said Juliette Biao Koudenoukpo, Director of UNEP’s Regional Office for Africa. “This Assessment has a very clear message; Africa has an opportunity to use its large young population to drive its growth.”
Africa’s youth remains the most hit by unemployment. One-third of Africa’s 420 million youth aged 15 to 35 are unemployed. Of these, 35 per cent are vulnerably employed and 19 per cent are inactive. These numbers will increase dramatically unless urgent actions are not taken.
The report recommends that Africa’s natural capital should be managed sustainably to enhance the livelihoods of African young population, create more sustainable and decent jobs as well as increase social and economic cohesion.
“The Green Economy calls for a paradigm shift in the way that we produce and consume. If young people are the centre of such a shift, they will secure a sustainable future replete with sustainable livelihoods,” said Professor Lee White, Minister for Environment, Forest and Oceans of Gabon and outgoing President of AMCEN. “The Global Environment Outlook-6 for Youth, Africa: A Wealth of Green Opportunities digs deep into that future and shows young people how they can secure their livelihoods through green jobs.”
Natural resources remain a key source of employment in Africa. Eight out of ten people’s employment on the continent are supported by natural resources. Nearly six million Africans are employed in the fisheries and aquaculture sector, ten million people work in the wildlife sector and an average of 54 per cent in the agricultural sector.
The report includes case studies and success stories on African youth who have invested in natural resources to develop entrepreneurship, improve their knowledge and skills as well as create jobs and sustain their livelihoods.
The report calls on governments to encourage youth to invest in green economy through creating platforms for innovation in sustainable development. While confirming the potential of youth in leading green growth in Africa, the report strongly establishes the correlation between green economy and decent jobs.
The way out of apartheid South Africa
Miss Gilbey taught Speech and Drama. Every Friday afternoon as the car speeded down the highway en route to her...
Why German car giant Volkswagen should drop Turkey
War and aggression are not only questions of ethics and humanitarian disaster. They are bad news for business. The German...
Iran’s next parliamentary election hinges on economic problems, US sanctions effective
It seems any faction focuses on solving the economic problems, has more chance for victory in the parliamentary elections. The...
Brazil must immediately end threats to independence and capacity of law enforcement to fight corruption
The OECD Working Group on Bribery urges Brazil, one of the founding Parties to the Anti-Bribery Convention since 1997, to...
The future of Brexit: Where will Boris Johnson’s “fatal strategy” lead Britain to?
British Prime Minister Boris Johnson will attempt to negotiate a new deal with the EU on Brexit in the course...
Hilton’s Hidden Gems Series: Bentonville, Arkansas
The first Hidden Gem of the series is Bentonville, Arkansas (yes, the home of Walmart, though that wasn’t a factor...
Bulgarian far-right to shut down largest human rights NGO in Bulgaria
“Why don’t they defend those who get robbed? Why are they only defending those that have trouble with the police?...
Middle East2 days ago
Soleimani in Iraq
Intelligence3 days ago
Lesson to be Learn from Monsanto’s Involvement in the Vietnamese War: The Agent Orange
Middle East3 days ago
Gulf soccer suggests that “The Times They Are a-Changin”
Reports2 days ago
Child labour and human trafficking remain important concerns in global supply chains
Middle East2 days ago
Trump’s support for Erdogan’s plans in Syria gives the green light to potential Turkish genocide of the Kurds
Europe3 days ago
The Decay of Western Democracy
Middle East1 day ago
Iran’s Dangerous Game in Iraq Could Lead to Deep Quagmire
Newsdesk2 days ago
Bangladesh Can Boost its Exports with Better Logistics