The President of the World Bank, Jim Yong Kim, has said that, based on estimates, automation will soon wipe out two-thirds of all jobs in developing countries.

Kim said this while speaking at the 2017 World Bank Group/IMF Spring Meetings press conference yesterday.

“We estimate that two-thirds of all jobs that currently exist in developing countries will be wiped out by automation.

“At the same time, the Internet, smartphones and social media allow everyone to see exactly how everyone else lives, which is causing aspirations to rise all over the world. I see this everywhere I go,” Kim said.

“Here’s the good news: There’s never been a better time to find those win-win solutions. There are trillions of dollars sitting on the sidelines, earning little interest, and investors are looking for better returns. That capital should be mobilized to help us meet the exploding aspirations of people all over the world. And with the crises we face, our task is much more urgent than we ever thought,” he said.

The World Bank chief also called for a change in “the way we work,” adding that “We have to find new and innovative ways to reach the poor, and make the world more secure and stable.”

Speaking on famine, Kim said the world was caught unprepared. “Too often, we forget about crises as soon as they abate – leading to a cycle of panic and neglect. We’re already working with the affected countries and partners to respond to the famine – and we will use every tool we have, financial and advisory, to prevent famine in the future.”

He also disclosed that “On Saturday, I will convene a meeting co-chaired with the United Nations-Secretary General to ensure a coordinated, effective, and well-resourced response.”

“This won’t be easy. It will require agreement across the entire international development finance system – multilaterals and bilaterals – to move the global development architecture in this direction.

“But this is the only way to act with the speed and the scale that these times require.”