Automation and robots are taking advantage of the pandemic to take human jobs.
Talk about bad timing. Automation technology and Coronavirus have seemed to be a double-disruption for the world’s workforce.
- Technological advancements are predicted to displace over 85 million jobs over the next five years.
- Over 40% of companies surveyed by the World Economic Forum are planning to decrease their workforce thanks to new technology.
- Robots are predicted to take over 20 million manufacturing jobs.
How does it affect my wallet?
The switch to a new economy. As more workers become displaced by new technology, it’s going to be increasingly important to help them retrain and find new jobs.
- The World Bank has predicted that the Coronavirus could push 115 million people into extreme poverty this year.
- 94% of businesses expect employees to learn new skills, compared to 65% in 2018.
New opportunities. On the bright side, evolving tech will give birth to an estimated 97 million new positions through 2025.
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