CURRENT-AFFAIRS

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• In November 2024, central banks worldwide collectively added 53 tonnes of gold to their reserves, with the Reserve Bank of India contributing 8 tonnes, according to a recent report by the World Gold Council (WGC).
• About the World Gold Council (WGC):
  • The World Gold Council is a nonprofit organization representing the leading gold producers globally. It serves as a market development entity for the gold industry, with 33 members, including prominent gold mining companies. Founded in 1987 by visionary mining companies, the WGC’s mission is to promote the demand and use of gold through research, marketing, and advocacy.
  • Headquartered in London, UK, its goal is to optimize the growth potential of the gold sector by monitoring and safeguarding existing consumption. The WGC achieves this by establishing industry standards, suggesting policies, promoting fairness and sustainability in gold mining, and encouraging the use of gold across various industries and for individual investors.
  • The WGC is regarded as the global authority on gold, providing comprehensive industry analyses. Its most well-known publications include quarterly reports on the gold market and demand trends, segmented by sector and region. In addition, the WGC co-sponsors research into new uses for gold or the development of new gold-based products.
  • The organization represents markets responsible for approximately three-quarters of the world’s annual gold consumption. It is also credited with creating the first gold exchange-traded fund (ETF).

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• In the next five years, careers in artificial intelligence (AI), big data, and cybersecurity management are expected to experience the highest growth, according to the World Economic Forum's (WEF) Future of Jobs Report 2025.
• About the Future of Jobs Report 2025:
  • The report, published by the World Economic Forum (WEF), is based on data from over 1,000 leading global companies, representing more than 14 million workers across 22 industries and 55 countries worldwide.
• Key Highlights:
  • Job disruption is projected to affect 22% of jobs by 2030.
  • The report forecasts the creation of 170 million new jobs and the displacement of 92 million jobs, leading to a net increase of 78 million jobs by 2030.
  • Factors such as technological advances, economic shifts, geopolitical fragmentation, demographic changes, and the green transition are expected to drive the transformation of the global labor market by 2030.
  • Among the fastest-growing jobs in terms of percentage growth are roles in AI and machine learning, software and application development, and FinTech engineering.
  • In terms of absolute volume, frontline roles are expected to see the largest increase. These include jobs like farmworkers, delivery drivers, construction workers, salespeople, food processing workers, and professionals in the care economy, such as nurses and social workers.
  • On the other hand, traditional roles like graphic designers and administrative assistants are anticipated to decline significantly due to automation.
  • A key challenge identified in the report is the widening skill gap, which is seen as the primary obstacle to business transformation. Almost 40% of the skills required for future jobs will be new or evolving, pushing workers to continuously adapt to rapid technological advancements.
  • By 2030, 59% of the global workforce will need reskilling or upskilling to stay competitive in the labor market.
  • The WEF highlights the top 10 fastest-growing skills by 2030. Leading the list will be Artificial Intelligence (AI) and big data, followed by networks and cybersecurity. Technological literacy ranks third, with creativity in fourth and resilience, flexibility, and agility rounding out the top five.
  • As automation becomes more widespread, 41% of companies are planning workforce reductions, with AI-driven tools increasingly taking over routine tasks and reshaping employment patterns.

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• The UN International Organization for Migration (IOM) has announced it is significantly increasing its appeal for Syria, raising it from $30 million to $73.2 million, following the urgent need for humanitarian support.
• About the International Organization for Migration (IOM):
  • Founded in 1951, IOM is the leading intergovernmental body dedicated to migration, working closely with governments, intergovernmental organizations, and non-governmental partners worldwide. As a related organization within the United Nations system, IOM plays a key role in global migration governance. The organization is driven by the belief that migration, when managed in a humane and orderly way, benefits both migrants and society at large. IOM works to ensure the safe and orderly management of migration, fosters international cooperation on migration issues, seeks practical solutions to migration challenges, and provides humanitarian aid to migrants, including refugees and internally displaced persons. IOM is the UN agency responsible for migration and labor mobility issues. The organization’s Labor Mobility and Human Development Division offers policy and operational guidance on labor migration, diaspora engagement, and migrant integration. IOM also serves as the coordinator for the UN Network on Migration, a platform of UN agencies supporting migration-related efforts. IOM played a key role in the negotiation and adoption of the UN Global Compact for Migration, a comprehensive international framework for migration adopted in 2018. Headquarters: Geneva, Switzerland. Member States: IOM has 175 member states and 8 observer states. Publications: Notable publications include the World Migration Report and Migration Health Annual Report.

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• Former US President Joe Biden emphasized the growing possibility of realizing the India-Middle East-Europe Economic Corridor (IMEC) following the ceasefire agreement between Israel and Hamas.
• Overview of the India-Middle East-Europe Economic Corridor (IMEC):
  • The IMEC is a transformative infrastructure initiative designed to foster seamless connectivity through a network of ports, railways, highways, sea routes, and pipelines, aimed at boosting trade between India, the Arabian Peninsula, the Mediterranean region, and Europe. It was introduced in 2023 during the G20 summit in New Delhi, where a memorandum of understanding (MoU) was signed among the European Union and seven nations—India, the United States, Saudi Arabia, the UAE, France, Germany, and Italy.
  • The IMEC will consist of two primary corridors: the eastern corridor linking India to the Arabian Gulf and the northern corridor connecting the Gulf to Europe. Upon its completion, the project will establish an efficient, cost-effective cross-border railway system, augmented by road and maritime routes.
  • The initiative will feature a shipping route connecting the Indian ports of Mumbai and Mundra to the UAE, and a railway system that links the UAE, Saudi Arabia, and Jordan to the Israeli port of Haifa, ultimately reaching the Mediterranean Sea. From Haifa, the corridor will extend to Greece’s Piraeus port, completing the route to Europe.
  • Furthermore, the corridor will incorporate the installation of electricity grids, digital optical fiber cables, and pipelines for hydrogen transportation. This ambitious project aims to boost trade efficiency, lower costs, enhance economic cooperation, create jobs, fortify regional supply chains, and contribute to reducing greenhouse gas emissions.
  • The IMEC project will be backed by the Partnership for Global Infrastructure and Investment (PGII), a US-led initiative designed to address the infrastructure gap in developing nations.

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