An economist stated on Wednesday that, around 20 million manufacturing jobs will be acquired by Robots globally by 2030. As per the new study records asserted by oxford economics who are leaders in global forecasting and quantitative analysis—by next 11 years there could be about 14 million robots working in china alone. Economists have also noticed a swift rise in an automation industry in past two decades which have increased the use of robots globally by 2.25 million.
Researchers have predicted that, use of robots may have many benefits if considered from having its perspectives towards increasing organization’s productivity and its economic growth; they also mentioned some possible downsides which may arise with it concurrently.
As per the study, Automation will affect over ten million jobs, especially towards poor local economies that are relied on low skilled workers. Some researchers have also claimed that if robot usage were boosted to 30% than the global GDP could have risen up to 5.3% till the baseline forecast which is by 2030.
As per the report, Automation could add up an extra $4.9 trillion per year to the global economy by 2030(as per today’s prices) which is equivalent to an economy greater than Germany’s projected size.
Researchers have found that almost every third robot in the industry is now installed in china, as it stands world’s second largest economy – which acquaints around one in five global stocks of robots. It was predicted that over 1.5 million jobs would be lost to robots in United States by 2030, whereas this number was expected to exceed by 11 million in China. As per the report, alongside European Union member states, almost 3 million people would lose out their employment due to automation.
Considering its job loss factors towards many countries, it is expected that some of U.S states including Texas, Louisiana and Indiana with Oregon may have to bear negative effects of automation.