Author/s: World Bank Group (Sharmista Appaya and Jeremy Ng)

The World Bank Group is an international financial institution providing loans, advice, and resources to developing countries for capital programs. This report was prepared by the Digital Transformation Vice Presidency, with Sharmista Appaya serving as Lead for the AI Business Line and Task Team Leader, and Jeremy Ng as Consultant. The work represents the Bank's comprehensive analysis of global AI governance approaches to guide policymakers in emerging economies.

Summary

This 2024 World Bank report argues that with over 70 countries publishing AI policies and ChatGPT becoming "the fastest-growing consumer application in history," effective AI governance is urgently needed. The report examines four regulatory approaches—industry self-governance, soft law, hard law, and regulatory sandboxes—emphasizing that "no regulatory model works in isolation." It identifies key challenges including AI bias, privacy concerns, and transparency requirements, while stressing that "AI governance cannot rely on a single, universal approach." The report warns against importing regulatory strategies without adaptation to local contexts and resources.