The World Bank (WB) launched a new working paper, The Future of Work: Implications for Equality and Growth in Europe.

The purpose of the publication is to analyze the impact of technology development on economic growth and quality of life in member states of the European Union (EU).

As the authors note, technological progress creates two problems: market monopolization and widening income gaps. To ensure effective digital transformation, socially oriented economic policies are required to ensure equal access to technologies and fair distribution of benefits from their use.

Recommendations from WB experts on developing inclusive institutions and maximizing the positive impact of technology on quality of life include:

• Providing government support to small businesses during digital transformation;
• Harmonization of market rules and standards across the EU, reduction of administrative barriers to the introduction of technologies;
• Increasing the transparency of competition policy, tightening antimonopoly legislation and improving tax policy mechanisms.