Can we end extreme poverty in a world with extreme inequality? That question inspired a spirited debate in English and Spanish on Oct. 7, just ahead of the World Bank Group-IMF Annual Meetings in Lima, Peru, addressing corruption, taxation, discrimination against women, and the need to even the playing field for the younger generation.
Latin America’s experience with inequality was front and center at the live-streamed event, Inequality, Opportunity, and Prosperity, featuring World Bank Group President Jim Yong Kim, Ibero-American Secretary General Rebeca Grynspan, Oxfam International Chair Juan Alberto Fuentes Knight, and moderated by CNN Español news anchor Patricia Janiot.
Labor and Social Protection
The economic slowdown in Latin America and the Caribbean is putting pressure on workers and wages and forcing some people out of the labor force, according to a new report released during a live-streamed event of the same name, “Jobs, Wages, and the Latin American Slowdown,” in the lead-up to the World Bank Group-IMF Annual Meetings in Peru.
“A lot of women joined the labor force in the good times. Now, in the slowdown, people are exiting the labor force — men and youth with little education. This is good news if they’re going to university, but bad if they’re going to live with their parents and be idle,” said Augusto de la Torre, the World Bank’s chief economist for Latin America and the Caribbean.
Moreover, the “exit of youth from the labor force will affect poor families more than wealthier ones – inequality could become greater,” said de la Torre.
International Youth Day is a time to consider the situation of young people in labor markets. Worldwide, an unprecedented number of young people are not working and not in school or training. Many are discouraged due to lack of opportunities and no longer looking for work.
I have been fascinated by the concept of frontier all my life. What brought us here? What’s next? As a kid, my favorite book was “Ten Thousand Whys,” a pop-science series with all kinds of seemingly trivial questions like “Why are there fewer stars in the sky in winter?”
I wrote my Ph.D. dissertation on the Production Efficiency Frontier Theory — how to identify the most efficient units in a production network and measure the technical frontier. Later I became more of a macroeconomist and my interest expanded to identifying countries standing on the growth frontier. Subsequently, I began studying the deepest thinkers and became convinced that humanity is on an important new frontier of cosmic evolution.
We had great difficulty finding any married female business owners—and learned that under national laws, a married woman couldn’t register a company, open a bank account, operate a business, or own property without the prior written consent of her husband.
Can we envision a time when we will no longer be surprised to hear that a woman is leading an energy or technology company? Can closing the gender gap in leadership, especially in male-dominated industries, be a possibility in fewer than 100 years?
Today’s dynamic women in top leadership positions are opening up the possibility of answering these questions with a resounding “Yes!” They have shattered glass ceilings and paved the way forward for countless others trying to uproot deeply entrenched ideas about women’s and men’s differing roles and opportunities in business and society. As a result, more and more women are now recognizing and making progress towards transcending the glass walls that also silo them in certain managerial functions, such as human resources and communications.
However, a new report by the International Labour Organization (ILO) released last week reminds us that gender diversity gains are not always sustained. Featuring unique data collected from 1,300 private sector companies in 39 developing countries, the report states that concerted efforts are required to consolidate progress and change mindsets while fighting unconscious biases at all levels of society.
Roughly 27 million young people leave their country of birth to find employment abroad. Does this trend suggest that migration may be a solution to the worrying situation whereby 60% of young people in developing regions that are either unemployed, not studying, or engaged in irregular employment?
Women make up almost half the world's labor force and perform most of its unpaid care work, for children, the elderly, and the disabled. They also earn less and own less than men — especially land and housing. And they face enormous constraints in the world of work — from laws that prevent them from opening bank accounts to social norms that push them into lower-paying, less secure jobs.
As a result women are more vulnerable to poverty than men.
Around 1 billion people worldwide are estimated to live with some form of disability, and for 185 million of those, they are severe enough that they have serious difficulty functioning.
As the World Bank renews its commitment to doing more to support people with disabilities, I thought I’d take a moment to reflect on the evolution of my own thinking on disability. When I was in my teens I thought of disability in black and white terms – there were people with disabilities and there were others, without.
As I grew up in a small town (by Indian standards) in northern India, my perspectives began to evolve, both through routine observation of the numerous failings of people we see as “able”, and through highly inspiring interactions with people who had so called “disabilities”. I must say I am in a very different place today than I was as a child.