South Asia well positioned to take advantage of new trade trends, AI: WB development update

REGION NEEDS MORE INFRASTRUCTURE AND SKILL DEVELOPMENT, ONLY 15% OF WORKERS EMPLOYED IN MODERN SECTOR

- By SHANNINE DANIEL

» OUT OF I6MN THAT APPLY FOR JOBS EACH YEAR, ONLY 1OMN FIND EMPLOYMENT

South Asia is well positioned to take advantage of the new patterns of global trade and new technologies like artificial intelligence (AI), the World Bank’s latest development update for the region revealed.

It also revealed that out the 16 million people that enter the South Asian job market annually, only about 10 million can find work.

The report also called for reforms that allow firms to grow into new markets using new technologies that can boost job creation, investments and sustained growth.

While most people still work in the more dominant but less productive, traditional sector, according to World Bank Vice President South Asia Region Johannes C.M. Zutt, South Asia will see more benefits through greater investments in the more dynamic modern sector.