WEF:5 million jobs to be lost to robots

More news on the “fourth industrial revolution” (AI and robotics) and its effects on jobs and income inequality.

The World Economic Forum (WEF) warned that while this is pushing us into “the fourth industrial revolution” and is transforming the labour markets beyond all recognition from decades ago, it will lead to a net loss of over 5 million jobs in 15 major developed and emerging economies by 2020.

WEF estimated that 7.1 million jobs could be lost through redundancy, automation, or disintermediation, while the creation of 2.1 million new jobs, mainly in more specialised areas such as computing, math, architecture, and engineering, could partially offset some of the losses.

“Without urgent and targeted action today to manage the near-term transition and build a workforce with futureproof skills, governments will have to cope with ever-growing unemployment and inequality, and businesses with a shrinking consumer base,” said Klaus Schwab, founder and executive chairman of the World Economic Forum, in the report

Story here, report here.

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One Response to WEF:5 million jobs to be lost to robots

  1. mathisgasser says:

    This blog is sometimes informative x

    On Sunday, 24 January 2016, Understanding Empire wrote:

    > understandingempire posted: “More news on the “fourth industrial > revolution” (AI and robotics) and its effects on jobs and income > inequality. The World Economic Forum (WEF) warned that while this is > pushing us into “the fourth industrial revolution” and is transforming the > labour mar” >

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