Robots are estimated to replace about 20 million manufacturing jobs by 2030, according to a new report.
The global stock of industrial robots has more than doubled since 2010, and the rise of robots has already had a"profound effect" on industrial employment around the world, according to a report released Wednesday by Oxford Economics, a global forecasting and quantitative analysis firm.
China is leading the rest of the world, installing one of every three new robots that comes into the job force, according to the report. Lower-skilled regions are at most risk from automation and could see twice as many manufacturing job losses. This could lead to growing levels of economic inequality, according to the analysis. The authors of the report cautioned that policy-makers will need to mitigate the risks of automation on employment.
A 30% rise in robot installations by 2030 would create $5 trillion in additional global GDP that year, according to the report.
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