World Bank Releases “World Development Report 2021: Data for Better Lives”

Current GK ( Master) Reports

The “World Development Report 2021: Data for Better Lives” was released by the World Bank.
The World Development Report focuses on how data can improve the lives of poor people and advance development objectives, to ensure no one is left behind.
It highlights the tremendous potential of the changing data landscape to improve the lives of poor people, at the same time acknowledging its potential to open back doors that can harm individuals, businesses, and societies.
Through this report, World Bank aims to support its client countries by identifying where public and private sector investments are the most critical, defining a rich program for policy reform and technical assistance, and highlighting areas in which global initiatives can help to convene and facilitate cross-border cooperation.
Some of the ways in which data can foster development has been stated below:

The social contract for data – To unlock the potential of data for development, we need a social contract.
Data as a force for public good – Public intent data can play a transformative role, especially in low-income countries.
Infinite possibilities – Innovations in combining public and private intent data can create previously unimagined development impact.
Connecting the world – Infrastructure is a key part of ensuring equitable access to data for poor people and poor countries.
Building trust – To create trust, countries need to protect data from misuse, while making it easier to share.
Leveling the playing field – An explosion of data platform businesses is raising concern about competition and posing new challenges for regulation.
Crossing borders – Data are a tradable asset, but sending them across borders requires adequate data protection.
Governing data – Coordinated action between institutions allows data to flow safely between participants and promotes innovation.
Improving data systems – Fully harnessing the value of data requires building an Integrated National Data System.