A new report by Oxford Economics says that by 2030, robots could take over 30 million manufacturing jobs! Around 14 million robots would be deployed in China alone. The data said that in the last two decades the number of robots in use has increased to 2.25 million..this is a threefold increase.
The job losses are likely to hit the poorer economies harder as they employ more low skilled workers. On average, this will result in twice as many job losses in these regions, compared to higher- skilled regions. This will further lead to economic inequality. On the plus side, the increase in the use of robots will improve productivity and quality of products.
The report urged that to manage the impact of the use of robots and consequent job losses. It said that governments around the world should be preparing their workers through training and reskilling. It’s a wave that’s hard to stop.
Do you think our economy can survive this change? Why?