4th Industrial Revolution and the Economy

Tasneem Salma Islam

For the very first time, I realized machines can learn too, it was daunting. Like many others, I thought there was a probability of replacing human work. I even started learning new topics like Data Science and Blockchain technology.

My optimistic mindset was showing me the opposite direction. Imagine every job getting transformed in a way that we would like to wake up with a positive feeling for going to work, we would love the technology that we use to get the job more efficiently and provide better quality and job satisfaction will automatically come for our performance.

But what do we do with our free time? There are endless things to learn in our lifetime such as hobbies, family outings, friends reunions, side hassles or simply getting fit to get more attention personally and digitally. Also, I must mention, that generating content in social media is not only fun but generating revenue as well.

Now comes the challenging part. There is a change everyone will have to take part in innovation and have a growth mindset. That is when you want to do something extraordinary. So are these disrupting technologies giving us the chance to be better at what we do in our careers, hobbies, and personal lives? Well, I think so.

New businesses will have challenges as we become more aware, constant shifts are happening and people want to navigate their lives how they want to, and being the best at what you do is not feasible anymore. But managing the best at what we do is going to be the motto.

Kudos to those people who trying and solve challenging social problems. Hopefully and wishfully this industrial revolution takes us to a place where we see fewer gaps, crime, poverty, and more innovation, growth, and happiness.

Here is a Snippet from AI giving an overview of poverty and it on us to execute action to mitigate or lessen these conditions.

Poverty

The trend of global poverty has seen significant fluctuations over the past five years due to multiple crises. Here's a summary of key points:

Pre-Pandemic Decline: Between 2015 and 2018, global poverty continued to decline, with the extreme poverty rate falling from 10.1% to 8.6%. This meant a reduction in the number of people living on less than $1.90 a day from 740 million to 656 million​ (World Bank Blogs)​​ (UNSD - Welcome to UNSD)​.

Impact of COVID-19: The COVID-19 pandemic reversed decades of progress in poverty reduction. The global poverty rate increased sharply from 8.3% in 2019 to 9.2% in 2020, pushing an additional 93 million people into extreme poverty. This was the first rise in extreme poverty since 1998​ (World Bank Blogs)​​ (UNSD - Welcome to UNSD)​.

Recent Trends and Projections: The combined effects of the pandemic, rising inflation, and the Ukraine crisis are projected to further increase global poverty. As of 2022, it is estimated that 75 to 95 million more people were living in extreme poverty than projected before the pandemic​ (UNSD - Welcome to UNSD)​.

Regional Variations: South Asia and Sub-Saharan Africa have seen significant increases in poverty rates, with South Asia's extreme poverty rate rising by 1.9 percentage points to 10.5% and Sub-Saharan Africa's by 0.5 percentage points to 35.4% in recent revisions​ (World Bank Blogs)​.