WEF: Next industrial revolution to lead to 5 million less jobs
It sees as many as 7.1 million jobs being lost, mostly in white-collar office and administrative roles
The latest industrial revolution will not only bring us 3-D printing and biotechnology advances, but the loss of five million jobs in the next five years, according to a report prepared for the Davos forum of business and political elites.
The so-called fourth industrial revolution "will cause widespread disruption not only to business models but also to labor markets over the next five years", the World Economic Forum said announcing a study released ahead of the Davos forum this week.
Following the first industrial revolution of steam engines, then electricity and assembly lines, followed by electronics and robotics, the fourth industrial revolution will include a number of developments like big data and smart systems to transform the economy.
But that transformation will lead "...to a net loss of over 5 million jobs in 15 major developed and emerging economies," said the WEF, after analyzing the potential impact on the economies of the United States, Germany, France, China, Brazil and other countries.
It sees as many as 7.1 million jobs being lost, mostly in white-collar office and administrative roles, with the creation of 2.1 million new jobs in fields such as computer engineering and mathematics.
"Without urgent and targeted action today to manage the near-term transition and build a workforce with futureproof skills, governments will have to cope with ever-growing unemployment and inequality, and businesses with a shrinking consumer base," the World Economic Forum's executive chairman, Klaus Schwab, warned in a statement.
A separate study found women will be "in the firing line" of the changes, which "may have a disproportionately negative impact on women".
While the job losses will be relatively equal, with 52 percent of the expected 5.1 million job losses hitting men, in fact men still dominate the labor markets, so at 48 percent the job losses among women will be relatively higher than their participation in the jobs market.
Moreover, women are underrepresented in the technical fields where new jobs are to be created.
-
Britain’s Cameron urges EU to relax Jordan trade to help refugees
Before arriving at the World Economic Forum in Davos, Cameron vowed to discuss steps to create economic opportunities in Jordan DAVOS 2016 -
40 cultural leaders shaping the debate at Davos 2016
They include author and vlogger John Green, filmmaker Sharmeen Obaid-Chinoy, author Elif Shafak, actor Kevin Spacey Features -
Davos kicks off with slowing economic growth in focus
U.S. Vice President Joe Biden is expected to be the key speaker on Wednesday, laying out his vision of the turbulent times DAVOS 2016 -
What is the World Economic Forum’s theme for Davos 2016?
The Annual Meeting program comprises over 250 sessions of which over 100 sessions will be webcast live DAVOS 2016