World Bank raises the alarm over unemployment, famine in Nigeria
• IMF urges improved tax system for fiscal stability
About two-thirds of jobs in developing economies would be lost soon as high-level fragility continues to impact negatively on business activities.Also, rising technological innovations that are taking over manual processes and offering seamless interactions and transactions are heightening the fear.
World Bank President, Jim Yong Kim, while declaring open the IMF/World Bank Group Spring meetings yesterday, raised concerns that in particular, two-thirds of all jobs that currently exist in developing countries like Nigeria and others will be wiped out by automation.
Kim said with the rising profile of Internet usage, smart phones and the social media, which allows everyone to see exactly how everyone else lives and causing aspirations to rise all over the world, there is the need to “change the way we work.”
The Bretton Woods institution chief also said the aftermath of conflicts-regional and internal-climate shocks; worst refugee crisis since World War II and famine in Nigeria and other parts of Africa, may soon assume a global emergency.
Although the Nigerian government has once denied being affected by famine, the World Bank chief said the priority was to work with partners to make sure that families have access to food and water, as millions of lives are at risk and will die if nothing is done quickly to put the refugee crisis under control.
“Famine is a stain on our collective conscience. Millions of lives are at risk and more will die if we do not act quickly and decisively,” Kim said.
The concern is that the famine has caught the world unprepared and made worse by the fact the leaders forget about crises as soon as they abate – leading to another cycle of panic and neglect.
The International Monetary Fund (IMF) Managing Director, Christine Lagarde, sued for effective tax system to be able to tackle the huge financial challenges in the face of the emerging crises.
According to her, Nigeria and other low-income countries need to urgently step up research and development, innovations, revisit housing and balanced tax policies to enthrone sustainable growth.
“Stronger cooperation across countries would help reduce external imbalances, clamp down on excessive tax evasion and avoidance and would help deliver the Sustainable Development Goals so that the low-income countries can also reap the benefits of improved productivity,” she said.
According to the IMF boss, “The tax system needs to take into consideration the effects on the general well being of the citizens and other surrounding economies.”
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