The World Economic Forum today launches Reskilling Revolution, a multistakeholder initiative aiming to provide better education, new skills and better work to a billion people around the world by 2030.
The Reskilling Revolution platform has been designed to prepare the global workforce with the skills needed to future-proof their careers against the expected displacement of millions of jobs and skills instability as a result of technological change. It is also designed to provide businesses and economies with the skilled labour needed to fulfil the millions of new roles that will be created by the Fourth Industrial Revolution, shifts in the global economy and industrial transitions towards sustainability.
“The best way to foster a more cohesive and inclusive society is to provide everybody with a decent job and income. Here in Davos, we are creating a public-private platform to give one billion people the skills they need in the age of the Fourth Industrial Revolution. The scale and urgency of this transformation calls for nothing short of a reskilling revolution,” said Klaus Schwab, Founder and Executive Chairman, World Economic Forum.
National and industry transformation
In order to effect such systems-wide change, Reskilling Revolution will serve as a platform for connecting and coordinating individual initiatives within specific countries, industries, organizations and schools. At the country-level, the Reskilling Revolution is supported by the governments of India, Oman, Pakistan, the Russian Federation and the United Arab Emirates, which will run Closing the Skills Gap National Accelerators. In addition, the governments of Denmark and Singapore have become learning network champions. During 2020, the number of accelerators will grow to 15, beginning with Bahrain and Brazil at the Annual Meeting 2020.
Additionally, new policy instruments, new forms of financing and new rapid delivery partnerships will join this effort, serving as examples. In the US, the Government has called on companies to commit to the retraining and upskilling of its own workforce through the Pledge to America’s Workers and to date, over 415 private-sector companies have pledged more than 14.5 million career-enhancement opportunities for American workers over the next five years. France’s Mon Compte Formation is the first-of-a-kind individual skills account with an integrated mobile application dedicated to vocational training and lifelong learning. Such combined efforts of the private sector and governments can catalyse better education, skills and jobs for supporting one billion people and serve as global exemplars.
To date, over 415 private-sector companies have pledged more than 14.5 million career-enhancement opportunities for American workers over the next five years. Initiatives like these show that these combined public-private efforts can and will achieve the one billion goal.
In the private sector, a number of companies are already taking coordinated action on workforce transformations through intra- and cross-industry collaborations involving business, trade unions and the training sector. These industry accelerators include: Advanced Manufacturing; Aerospace; Aviation, Travel and Tourism; Consumer; Financial Services; Media, Entertainment and Information; Mining and Metals; Oil and Gas; and Health and Healthcare. By the end of 2020, 15 industries will be engaged.
Technological change, patterns of globalization and the green transition pose great risks to people’s livelihoods. An urgent investment in human capital is needed to revive pathways to social mobility and create a fairer world. By mobilizing industry leaders, government, international organizations, professional networking platforms, online and offline staffing firms and education and training providers, Reskilling Revolution aims to provide better jobs, education and skills to 1 billion people by 2030,” says Saadia Zahidi, Managing Director, New Economy and Society at the World Economic Forum.”
Founding partners, initiatives and coalitions to reach 250 million people
Together, founding partners’ initiatives and coalitions already signed up to Reskilling Revolution have the capability of reaching 250 million people worldwide. The Reskilling Revolution Platform will enable these coalitions and future business-led initiatives to create system-level change or to be scaled up through replication by other organizations. Founding business pledges include:
The Adecco Group aims to support 5 million workers through upskilling and reskilling globally by 2030. The Group’s General Assembly business will play a key role as a founding member of the Skills Consortium of online training and learning providers, as part of the Reskilling Revolution initiative. The Adecco Group Foundation will contribute as founding partner to the HR Valley initiative – a hub of human capital management learning.
Coursera Inc. will be a data partner and a founding member of the Skills Consortium of online training and learning providers hosted by Reskilling Revolution. It has committed to upskilling 10 million global workers by 2030 in high-demand domains of Data Science, Technology, Business and Soft skills.
Infosys is expanding computer science and maker education to K-12 students and teachers across the US, especially among under-represented communities, and will become a founding member of a Skills Consortium of online training and learning providers hosted by Reskilling Revolution.
LinkedIn will be a data partner for the Reskilling Revolution initiative.
ManpowerGroup’s MyPath is enabling hundreds of thousands of people to access high-growth roles by providing accelerated upskilling, on-the-job training and certification, transforming the role of the recruiter to become talent agents, experts in assessment, data and coaching so workers receive the guidance they need for future roles.
PwC and its New World. New Skills. programme will deploy skills to support public-private collaborations through the Reskilling Revolution. It will also help clients prepare their workforces for the digital world, upskill each of its 276,000 people and scale up its community programmes, particularly in areas where there is an acute need.
Salesforce has committed to help train 1 million people with relevant skills and reach 10 million active users on Trailhead, Salesforce’s free online learning platform, within the next five years. Through workforce development initiatives including Trailhead Military, FutureForce and the Pathfinder Program, all powered by Trailhead, anyone can skill-up to learn in-demand skills and earn credentials to land a top job in tech.
International and civil society organizations are also leveraging the Reskilling Revolution Platform to drive change and build new coalitions. This will include the United Nations Children’s Fund (UNICEF) and Generation Unlimited, a global multisector partnership created to meet the urgent need for expanded education, skill development and employment opportunities for young people aged 10-24. The Education Commission, chaired by Gordon Brown, is committing to support the Reskilling Revolution through teacher workforce, schools and education finance transformation. The NGO iamtheCODE will aim to enable ten million women and girls as coders worldwide by 2030.
The United Arab Emirates will provide seed funding to launch the Reskilling Revolution platform.
Reskilling to jobs of the future
Technological change, industry transitions and globalization are impacting jobs and the skills required within those jobs. The OECD estimates that 1.1 billion jobs are liable to be radically transformed by technology in the next decade. The World Economic Forum predicts an overall net positive between job growth and decline but also finds that skills instability with all jobs will mean that nearly half of core skills are set to change by 2022 alone. Additionally, if current trends continue, the outdated content of education will further exacerbate the skills mismatch in the future. However, with increased predictive power, it has also become easier and faster to understand the in-demand skill and jobs of tomorrow and plan human capital development accordingly.
A World Economic Forum report also released today, Jobs of Tomorrow: Mapping Opportunity in the New Economy, worked with LinkedIn, Coursera Inc. and Burning Glass Technologies to map seven emerging professional clusters and 96 fastest-growing jobs within them. They reflect that both “digital” and “human” factors are driving growth in the professions of tomorrow. The adoption of new technologies is giving rise to greater demand for green economy jobs, roles at the forefront of the data and AI economy and new roles in engineering, cloud computing and product development. On the other hand, emerging professions also reflect the continuing importance of human interaction in the new economy, giving rise to greater demand for care-economy jobs; roles in marketing, sales and content production; as well as roles at the forefront of people and culture. The growth and absolute scale of these opportunities will be determined by the choices and investments made by governments today.
What the leaders are saying
“The United States is honoured to be a leading example of when the public and private sector comes together to prioritize workers and ensure them, their families and our respective economies are prepared for the changing nature of work and the workplace. 1 billion lives will be changed by 2030 through this Reskilling Revolution and the Trump Administration, through its Pledge to America’s Workers, is excited to continue to serve as a catalyst for private-sector engagement worldwide,” said Ivanka Trump, Assistant and Adviser to the President of the United States.
“The largest generation of young people in history is about to inherit the world – and they’re facing a global learning and skills crisis. The private sector must work with governments to help close the skills gap and give young people the ladders of opportunity they need to reach their potential. The possibilities are endless and the need is urgent”, said Henrietta H. Fore, Executive Director, United Nations Children’s Fund, UNICEF
“Learning ecosystems must be updated to ensure that we are addressing the short-term challenge of skills mismatch in the current workforce and preventing the long-term challenge of future unemployment among the next generation of talent. That is why the United Arab Emirates is proud to make human capital investment a key national priority, and is delighted to be, not only a member of the Closing the Skills Gap Accelerator Network, but also a founding member of the Reskilling Revolution initiative through both public-private partnerships to close national skills gaps and through seed funding for the global platform,” said Ahmad Belhoul, Minister of State for Higher Education and Advanced Skills, United Arab Emirates
“Upskilling is one of the most urgent challenges of our time and to solve it, we need to act together, now. As a major employer in 157 countries around the world, PwC has the scale and experience to make a measurable impact. We have a responsibility to help our people, clients and communities prepare for the future but we can’t succeed on our own. As part of our upskilling efforts, we’re asking everyone to join the World Economic Forum’s Reskilling Revolution platform and us so that we can prepare everyone, everywhere for the digital world”, said Robert E. Moritz, Global Chairman, PwC.
“With new technologies and trends impacting the world of work, companies are facing genuine challenges in recruiting people with the skillsets needed to capture the opportunities ahead. Therefore, in order to equip individuals to successfully participate in the world of work and enable businesses to find the skills they need to be competitive, we must focus on upskilling and reskilling. We fully support a ‘reskilling revolution’ and pledge to upskill and reskill 5 million people globally by 2030”, said Alain Dehaze, Chief Executive Officer, The Adecco Group.
“Our research shows us that jobs emerging in the global economy span a wide range of professions and skills. They will provide opportunities for workers of all backgrounds and educational levels. But for all of the opportunities that the new economy will bring, the stark skills and gender gaps that exist today – especially in these fast-growing and emerging jobs – must be addressed now if we want to ensure that the Fourth Industrial Revolution is an equitable one”, said Allen Blue, Co-Founder and Vice-President, Products, LinkedIn
“I wish that more people, companies and societies would start to invest in skills, reskilling and lifelong learning. Because if we don’t, it will not only hamper businesses and the foundation for our economies. It could undermine our entire societal contract”, said Peter Hummelgaard, Minister for Employment of Denmark
“The global nature of the skills crisis requires institutions to collaborate at an unprecedented scale in order to provide lifelong access to high-quality learning. As part of this coalition, we are excited to work with governments, industry accelerators, and universities around the world to equip the global workforce with the skills needed to advance careers, boost employability and stimulate inclusive economic growth,” said Jeff Maggioncalda, Chief Executive Officer, Coursera Inc.
“We are excited to partner with the World Economic Forum through the Reskilling Revolution initiative. As availability of digital talent continues to be one of the greatest barriers for enterprises to transform, organizations need to nurture a culture that enables talent – across disciplines and skills – to benefit from a continuum of lifelong learning that prepares them for the future of work. We are keen to help drive the transformation”, said Salil Parekh, Chief Executive Officer and Managing Director, Infosys.
“We have to move towards a Society of Skills, placing lifelong learning, upskilling and reskilling at the core of people, businesses and governments’ interests”, said Muriel Penicaud, Minister of Labour of France
“More than half of companies around the world cannot find the skills they are looking for – almost double what it was a decade ago. And the need for a Skills Revolution – which we predicted four years ago – continues to be the defining challenge of our time. Organizations have to act differently. Creating shareholder value can only be done in conjunction with taking care of employees, customers and communities. And that includes the responsibility to help people learn new skills, adapt for future jobs and to become creators of talent”, said Jonas Prising, Chairman and Chief Executive Officer, ManpowerGroup
“We need to make sure the Fourth Industrial Revolution brings everyone along with the education and skills to succeed,” said Marc Benioff, Chairman and Co-Chief Executive Officer of Salesforce. “That’s why as part of the Reskilling Revolution, Salesforce will help train 1 million people with resume-worthy skills and reach 10 million active users on Trailhead, our free online learning platform, within the next five years.” said Marc Benioff, Chairman and Co-Chief Executive Officer Salesforce
Global Wealth Has Grown, But at the Expense of Future Prosperity
Global wealth has grown overall—but at the expense of future prosperity and by exacerbating inequalities, according to the World Bank’s new Changing Wealth of Nations report released today.
Countries that are depleting their resources in favor of short-term gains are putting their economies on an unsustainable development path. While indicators such as Gross Domestic Product (GDP) are traditionally used to measure economic growth, the report argues for the importance of considering natural, human, and produced capital to understand whether growth is sustainable.
The Changing Wealth of Nations 2021 tracks the wealth of 146 countries between 1995 and 2018, by measuring the economic value of renewable natural capital (such as forests, cropland, and ocean resources), nonrenewable natural capital (such as minerals and fossil fuels), human capital (earnings over a person’s lifetime), produced capital (such as buildings and infrastructure), and net foreign assets. The report accounts for blue natural capital—in the form of mangroves and ocean fisheries—for the first time.
“A deeper and more nuanced understanding of the sustainability of wealth is crucial to a green, resilient, and inclusive future,” said World Bank Managing Director for Development Policy and Partnerships, Mari Pangestu. “It is essential that renewable natural capital and human capital are given the same importance as more traditional sources of economic growth, so that policymakers take steps to enable long-term prosperity.”
According to the report, global wealth grew significantly between 1995 and 2018, and middle-income countries are catching up to high-income countries. However, growing prosperity has been accompanied by unsustainable management of some natural assets. Low- and middle-income countries saw their forest wealth per capita decline 8% from 1995 to 2018, reflecting significant deforestation. Meanwhile, the value of global marine fish stocks collapsed by 83% due to poor management and overfishing over the same period. The projected impacts of climate change may exacerbate these trends.
In addition, mispricing of assets like carbon-emitting fossil fuels can lead to overvaluation and over-consumption. Development can be put on a more sustainable path by taking a comprehensive view of wealth and putting in place policy measures including carbon pricing to better value and nurture assets such as forests, mangroves, and human capital.
Global wealth inequality is growing, the report indicates. Low-income countries’ share of global wealth has changed little from 1995 to 2018, remaining below 1% of the world’s wealth, despite having around 8% of the world’s population. Over one-third of low-income countries saw declining wealth per capita. Countries with declining wealth tend also to be degrading their base of renewable natural assets. For low-income countries, appropriately managing renewable natural capital, which accounts for 23% of their wealth, remains crucial.
Globally, the share of total wealth in renewable natural capital (forests, cropland, and ocean resources) is decreasing and being further threatened by climate change. At the same time, renewable natural capital is becoming more valuable as it provides crucial ecosystem services. For example, the value of mangroves for coastal flood protection has grown more than 2.5 times since 1995 to over $547 billion in 2018. The value of protected areas per square kilometer has also rapidly increased.
“The Changing Wealth of Nations provides the data and analysis to help governments get prices and policies right for sustainable development,” said World Bank Global Director for Environment, Natural Resources, and the Blue Economy, Karin Kemper. “By ignoring polluting and climate warming impacts, fossil fuel assets have historically been overvalued, while assets that contribute to climate mitigation, like forests, are undervalued.”
The report shows that human capital, measured as the population’s expected lifetime earnings, is the largest source of worldwide wealth, comprising 64% of total global wealth in 2018. Middle-income countries increased their investment in human capital and in turn saw significant increases in their share of global human capital wealth.
Although the long-lasting effects of the COVID-19 pandemic are still unknown, low-income countries are likely to experience the most severe impacts, with a projected loss of 14% of total human capital. Human capital is additionally constrained by gender gaps across all regions and income groups, with little improvement since 1995. Air quality also has serious consequences for both human capital and climate change, and accounts for over 6 million premature deaths annually.
Nonrenewable natural capital wealth (minerals, fossil fuels) has declined since 2014, mainly due to falling commodity prices. The reportlooks at the projected impacts of a low-carbon transition and border carbon adjustment taxes on fossil fuel wealth and provides recommendations for managing the economic risks posed for resource-dependent countries. Countries that are heavily dependent on fossil fuel wealth were found to have lower shares of wealth from human capital, despite their high income levels, with human capital only comprising 34% of their wealth.
The report outlines several priorities for policymakers to diversify and rebalance their national portfolios to be more resilient and sustainable. It recommends actively investing in public goods like education, health, and nature, to prevent unsustainable depletion, and manage future risks. Recommendations also include policy and pricing measures that help reflect the social value of assets and to steer private investment toward better outcomes for all. This may include, for example, actions like repurposing fisheries subsidies, and taking action to price carbon and promote renewable energy assets.
In Sub-Saharan Africa, wealth per capita has increased over the past two decades, but at a lower rate than other regions. 11 countries in Sub-Saharan Africa saw stagnating or even declining wealth per capita between 1995 and 2018 as population growth outpaced net growth in asset values. Human capital in Sub-Saharan Africa has increased more rapidly than any other asset. However, this growth has been unequal, and the female share of human capital is only about one third of the total. Wealth in natural capital has been declining, and many countries in the region have a high dependence on nonrenewable natural resource revenues, especially from fossil fuels.
As of 2018, the East Asia and the Pacific region has the largest share of wealth in the world, with an 188% increase since 1995. Human capital makes up over half of the region’s wealth, however, only about one third of human capital was attributed to women. Natural capital comes in at 4% of regional wealth, with renewable natural capital declining, led by the drop in marine fisheries. Cropland wealth is projected to be especially hard hit by climate change in East Asia and Pacific countries.
In South Asia,total wealth has grown since 1995, but due to population growth in the same time period, per capita wealth remains among the lowest in the world. Human capital makes up over half of the region’s wealth, but is extremely unbalanced, with over 80% attributed to men, with little change in the past two decades. If gender parity was achieved in South Asia, this could increase human capital nationally by roughly 42 percentage points. As a region, South Asia is also most severely affected by the estimated loss of human capital due to air pollution. Renewable natural capital, particularly cropland, is vital for South Asia, and the value of its blue natural capital also grew over the past two decades.
Wealth in Europe and Central Asia, which includes Western Europe for the purpose of this report, has increased 45% since 1995. Wealth per capita has grown slowly compared with many other regions. Human capital accounts for over half of the region’s wealth, with consistent growth compared to other assets. Non-timber forest resources are becoming the main renewable natural capital asset in Europe and Central Asia, due to the value of ecosystem services they provide, while the value of marine fisheries assets has significantly dropped.
Although total wealth has nearly doubled in Latin America and the Caribbean over the past two decades, there are significant contrasts in the trends of wealth per capita. Some countries have more than doubled their wealth since 1995, while in several Caribbean countries, total wealth per capita has declined. Over time, wealth in nonrenewable natural capital has begun to decline, due to price volatility, but renewable wealth is increasing. Wealth in protected areas has more than doubled, despite the fact that land area of forests has declined. Female labor force participation is higher than in any other region, but Latin America and the Caribbean has still not reached gender parity in its human capital.
Wealth has increased in the Middle East and North Africa in the past two decades, but to a lesser extent than the regional GDP over the same period. Human capital makes up the lowest share of total wealth in this region, compared to other regions, with a significant gender imbalance. Nonrenewable natural capital makes up a large portion of the region’s wealth and has generated issues for countries facing resources dependence and price volatility. The countries in the region reliant on fossil fuel revenues face unique development challenges in the face of global efforts to shift to low-carbon development. Although cropland remains the main renewable natural asset in the region, per capita cropland wealth has declined over the past two decades. The region will need to preserve and restore its renewable
Renewable Energy Jobs Reach 12 Million Globally
Renewable energy employment worldwide reached 12 million last year, up from 11.5 million in 2019, according to the eighth edition of Renewable Energy and Jobs: Annual Review 2021. The report was released by the International Renewable Energy Agency (IRENA) in collaboration with the International Labour Organization (ILO) at a high-level opening of IRENA’s Collaborative Framework on Just and Inclusive Transitions, co-facilitated by the United States and South Africa.
The report confirms that COVID-19 caused delays and supply chain disruptions, with impacts on jobs varying by country and end use, and among segments of the value chain. While solar and wind jobs continued leading global employment growth in the renewable energies sector, accounting for a total of 4 million and 1.25 million jobs respectively, liquid biofuels employment decreased as demand for transport fuels fell. Off-grid solar lighting sales suffered, but companies were able to limit job losses.
China commanded a 39% share of renewable energy jobs worldwide in 2020, followed by Brazil, India, the United States, and members of the European Union. Many other countries are also creating jobs in renewables. Among them are Viet Nam and Malaysia, key solar PV exporters; Indonesia and Colombia, with large agricultural supply chains for biofuels; and Mexico and the Russian Federation, where wind power is growing. In Sub-Saharan Africa, solar jobs are expanding in diverse countries like Nigeria, Togo, and South Africa.
“Renewable energy’s ability to create jobs and meet climate goals is beyond doubt. With COP26 in front of us, governments must raise their ambition to reach net zero,” says Francesco la Camera, IRENA Director-General. “The only path forward is to increase investments in a just and inclusive transition, reaping the full socioeconomic benefits along the way.”
“The potential for renewable energies to generate decent work is a clear indication that we do not have to choose between environmental sustainability on the one hand, and employment creation on the other. The two can go hand-in-hand,” said ILO Director-General, Guy Ryder.
Recognising that women suffered more from the pandemic because they tend to work in sectors more vulnerable to economic shocks, the report highlights the importance of a just transition and decent jobs for all, ensuring that jobs pay a living wage, workplaces are safe, and rights at work are respected. A just transition requires a workforce that is diverse – with equal chances for women and men, and with career paths open to youth, minorities, and marginalised groups. International Labour Standards and collective bargaining arrangements are crucial in this context.
Fulfilling the renewable energy jobs potential will depend on ambitious policies to drive the energy transition in coming decades. In addition to deployment, enabling, and integrating policies for the sector itself, there is a need to overcome structural barriers in the wider economy and minimise potential misalignments between job losses and gains during the transition.
Indeed, IRENA and ILO’s work finds that more jobs will be gained by the energy transition than lost. An ILO global sustainability scenario to 2030 estimates that the 24-25 million new jobs will far surpass losses of between six and seven million jobs. Some five million of the workers who lose their jobs will be able to find new jobs in the same occupation in another industry. IRENA’sWorld Energy Transition Outlook forecasts that the renewable energy sector could employ 43 million by 2050.
The disruption to cross-border supplies caused by COVID-19 restrictions has highlighted the important role of domestic value chains. Strengthening them will facilitate local job creation and income generation, by leveraging existing and new economic activities. IRENA’s work on leveraging local supply chains offers insights into the types of jobs needed to support the transition by technology, segment of the value chain, educational and occupational requirements.
This will require industrial policies to form viable supply chains; education and training strategies to create a skilled workforce; active labour market measures to provide adequate employment services; retraining and recertification together with social protection to assist workers and communities dependent on fossil fuels; and public investment strategies to support regional economic development and diversification.
Read full report
In highly uneven recovery, global investment flows rebound
After a big drop last year caused by the COVID-19 pandemic, global foreign direct investment (FDI) reached an estimated $852 billion in the first half of 2021, showing a stronger than expected rebound.
It shows the increase in the first two quarters in FDI, recovered more than 70 per cent of the losses stemming from the COVID-19 crisis in 2020.
For the UNCTAD‘s director of investment and enterprise, James Zhan, the good news “masks the growing divergence in FDI flows between developed and developing economies, as well as the lag in a broad-based recovery of the greenfield investment in productive capacity.”
Mr. Zhan also warns that “uncertainties remain abundant”.
The duration of the health crisis, the pace of vaccinations, especially in developing countries, and the speed of implementation of infrastructure stimulus, remain important factors of uncertainty.
Other important risk factors are labour and supply chain bottlenecks, rising energy prices and inflationary pressures.
Despite these challenges, the global outlook for the full year has improved from earlier projections.
The growth in the next few months should be more muted than the in the first half of the year, but it should still take FDI flows to beyond pre-pandemic levels.
Between January and June, developed economies saw the biggest rise, with FDI reaching an estimated $424 billion, more than three times the exceptionally low level in 2020.
In Europe, several large economies saw sizeable increases, on average remaining only 5 per cent below pre-pandemic quarterly levels.
Inflows in the United States were up by 90 per cent, driven by a surge in cross-border mergers and acquisitions.
FDI flows in developing economies also increased significantly, totalling $427 billion in the first half of the year.
There was a growth acceleration in east and southeast Asia (25 per cent), a recovery to near pre-pandemic levels in Central and South America, and upticks in several other regional economies across Africa and West and Central Asia.
Of the total recovery increase, 75 per cent was recorded in developed economies.
High-income countries more than doubled quarterly FDI inflows from rock bottom 2020 levels, middle-income economies saw a 30 per cent increase, and low-income economies a further nine per cent decline.
Mixed picture for investors
Growing investor confidence is most apparent in infrastructure, boosted by favourable long-term financing conditions, recovery stimulus packages and overseas investment programmes.
International project finance deals were up 32 per cent in number, and 74 per cent in value terms. Sizeable increases happened in most high-income regions and in Asia and South America.
In contrast, UNCTAD says investor confidence in industry and value chains remains shaky. Greenfield investment project announcements continued their downward path, decreasing 13 per cent in number and 11 per cent in value until the end of September.
The combined value of announced greenfield investments and project finance deals rose by 60 per cent, but mostly because of a small number of very large deals in the power sector.
International project finance in renewable energy and utilities continues to be the strongest growth sector.
The investment in projects relevant to the SDGs in least developed countries continued to decline precipitously. New greenfield project announcements fell by 51 per cent, and infrastructure project finance deals by 47 per cent. Both had already fallen 28 per cent last year.
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