Above 20 million manufacturing jobs is going to be lost to robots globally by 2030, says the latest study by Oxford Economics – a British consultancy.
Based on the study, 14 million robots can be employed to carry out work in China alone by 2030.
After observation of long-term trends on uptake of automation, economists declared that the number of robots employed worldwide increased three-fold to NPR 2 .25 million over the last two decades.
Whilst researchers say that the increase in robots will lead to improved productivity and economic development, they also pointed out at some drawbacks of this trend.
“As a result of robotization, tens of millions of jobs are going to be lost, particularly in poorer local economies that rely on lower-skilled workers. This will, therefore, translate to an increase in income inequality,” researchers said.
Robot Installations to Boost Global GDP
However, if robot installations exceeded by 30 percent a lot more than the suggested numbers, then it would result in a 5 .3 percent increase in global GDP 2030.
“This equates to adding an extra $4 .9 trillion per year to the global economy by 2030 (in today’s prices) — equivalent to an overall economy greater than the projected size of Germany’s,” the report said.
It has been predicted that over 1 .5 million jobs will be lost to robots in the US, followed by 11 million in China and 2 million in the European Union by 2030.
Despite this, researchers have urged lawmakers to continue investing in automation. “This discovery should not lead policy-makers and other stakeholders to seek to frustrate the adoption of robot technology. Instead, the challenge must be to distribute the robotics dividend more evenly by helping vulnerable workers prepare for and adapt to the upheaval it will bring,” they said.