Key thought policymakers about today most pressing global challenges

Key thought policymakers about today most pressing global challenges

Set against the backdrop of weak global growth and growing popular discontent about trade and globalization, the wide-ranging program of seminars focused on how to lift growth and make it more equitable. The high-level seminars covered issues on gender equality, technology and innovation, infrastructure development, and inclusive growth. Below is a glimpse of the key topics discussed.

The Cost of Corruption: Youth Perspectives

Corruption can undermine the incentives of young people to get a good education and therefore limits their access to jobs, the panelists said. Corruption can also undercut a country’s efforts to promote inclusive growth and can lead to poverty and inequality.

Technology, Innovation, and Inclusive Growth

Technological change has the potential to transform the lives of people around the world for the better, but it will be important to get the formula right or the digital divide will grow, panelists said at this seminar. Whether we’re talking about big data, the Internet of Things, digitization, or 3D printing, the technological revolution is reaching deep into every sector of our economies. While we’re seeing massive gains for many people, we’re also seeing at the very bottom a stagnation, which has led to unrest. Policymakers should consider distributional policies such as a basic income for people who will inevitably be left behind.

Inequality: Managing the Impact of Globalization and Technology

Inequality within country is on the rise, and for that reason need to combat the economic, social, and political effects with a mixture of tax policy, income transfers, and education, a task often difficult to achieve.

Trade, technology, and demographics all play a role. Redistribution policies are important in providing equality of opportunity. Access to health care, education, and financial inclusion are all needed for a level playing field. But we need to pay more attention to individuals who have been left behind, including by providing more training throughout a person’s lifetime to make sure they have the skills they need as the economy changes.

Toward Better Infrastructure in Developing Countries

The current scale of infrastructure investment is not sufficient to meet the needs. Despite a broad increase our infrastructure deficit is huge. Public monopoly utilities should be commercially run with no access to government funding, because they deter private investment.

Fiscal Policy in the New Normal

Fiscal policy is a crucial instrument for supporting near-term growth, while ensuring medium-term sustainability. However, there are political and institutional constraints on the implementation of fiscal policy.

National communities and national boundaries constrain us today in ways that are perhaps not the wisest. Fiscal policy to support long-term growth is very much about political economy. Diagnosis is easy; to find an understanding with people is hard.


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