Robots will cut 85 million jobs in five years

Robots will cut 85 million jobs in medium and large firms over the next five years as a coronavirus pandemic accelerates labor market changes and increases inequalities, according to a report by the World Economic Forum (WEF).

A survey conducted in 300 companies worldwide showed that in four out of five administrations they are accelerating plans for digitalization of work and application of new technologies, thus canceling the gains in terms of employment achieved since the financial crisis of 2007-2008.

  • COVID-19 is accelerating the arrival of the future of work – said WEF Director Saadia Zahidi.

New skills

In order to keep their jobs, workers will have to learn new skills in the next five years, because, by 2025, work will be equally divided between people and machines, the study states.

On the whole, it is estimated that job creation is slowing down, and quitting is accelerating as companies around the world increasingly use technology to do many jobs instead of people.

The good news, however, is that 97 million new jobs will be created in some areas and that man will maintain his comparative advantage at the levels of governance and decision-making, in the field of the green economy, artificial intelligence (AI),

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Stories under this byline are written/directed/published by the staff and editorial board of MegaloPreneur magazine. Some of the MegaloPreneur journalists may also be involved in investigating and finding facts.

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