A report titled “The Future of Jobs” and published by a team of researchers from the World Economic Forum (WEF) has revealed that increase in industrial technology, robotics, and artificial intelligence will result in the loss of 5 million jobs by 2020.
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Klaus Schwab, founder of WEF, and managing board member Richard Samans carried out a number of studies in 15 top developed and emerging economies – representing 1.9 billion global workers or 65% of workers worldwide – to find that the rise of robots will lead to 5 million jobs being lost.
According to a proper breakdown in Bloomberg, the rise of genetics will lead to 7 million jobs being lost and 2 million gained, resulting in 5 million job losses.
This development will result in the Fourth Industrial Revolution according to WEF experts – a marriage of digital and human industrial relations.
Andy Haldane, Chief Economist at the Bank of England said the dangers of potential large-scale job loss must be addressed by economists and labor experts across all industries.
"To prevent a worst-case scenario – technological change accompanied by talent shortages, mass unemployment and growing inequality – reskilling and upskilling of today’s workers will be critical," the WEF researchers wrote. "It is simply not possible to weather the current technological revolution by waiting for the next generation’s workforce to become better prepared."
The experts warn that office jobs and other administrative tasks will suffer more for these job losses, while jobs related to architecture, engineering, computer, mathematical, and science will be on the rise. Women may also be more affected by the predicted job loss because they are not as many as men in technology, engineering, and science-related fields.
The WEF researchers based their study on surveys conducted in Australia, Brazil, China, France, Germany, India, Italy, Japan, Mexico, South Africa, Turkey, the UK and the US.
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"It is critical that businesses take an active role in supporting their current workforces through re-training, that individuals take a proactive approach to their own lifelong learning and that governments create the enabling environment, rapidly and creatively, to assist these efforts," they submitted.