Report: Technology could cost world economy 5 million jobs by 2020
BUSINESS RECORD STAFF Jan 18, 2016 | 9:08 pm
1 min read time
154 wordsAll Latest News, Innovation and EntrepreneurshipTechnology can be a wonderful thing, but advances will cost the world’s leading economies 5 million jobs by 2020, the World Economic Forum said in a report released today and reported by CNN Money.
Developments in artificial intelligence, robotics and biotechnology could shake up businesses in the same way previous industrial revolutions did, the report said.
Administrative and white-collar office jobs are most at risk.
The forum surveyed senior executives from more than 350 of the biggest companies in 15 of the world’s major emerging and developed economies. Those economies account for 65 percent of the global workforce.
The forum found that as many as 7.1 million jobs could be lost through automation and changes to eliminate redundancy.
On the plus side, those losses would be partially offset by the creation of 2.1 million new opportunities in tech, professional services, media and other industries.
The forum website offers tips on how to respond to the fourth industrial revolution.
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