World Bank president: investment in human capital critical to economic growth

Jim Yong Kim, President of the World Bank Group, highlighted the great importance of investing in human capital for how huge it contributes to economic growth.

During a session held on Wednesday ahead of the World Bank’s annual meetings in Washington, Kim discussed with the bank’s Chief Economist Paul Romer challenges in global development and the links between economic growth, poverty, and inequality.

The World Bank’s president also said he expects that automization will lead to the gradual disappear of jobs. On the other hand, Romer said that employment is a very important part of the acquisition of human capital.

Romer described the value of research and data in devising smart, effective development policy and programs.