Impact of Robotics on Economics
How robots will change the world
The robotics revolution is rapidly accelerating, as fast-paced technological advances in automation, engineering, energy storage, artificial intelligence and machine learning converge. The far-reaching results will transform the capabilities of robots and their ability to take over tasks once carried out by humans.
Already, the number of robots in use worldwide multiplied three-fold over the past two decades, to 2.25 million. Trends suggest the global stock of robots will multiply even faster in the next 20 years, reaching as many as 20 million by 2030, with 14 million in China alone. The implications are immense, and the emerging challenges for policy-makers are equally daunting in scale.
The rise of the robots will boost productivity and economic growth. And it will lead to the creation of new jobs in yet-to-exist industries. But existing business models in many sectors will be seriously disrupted and millions of existing jobs will be lost. We estimate up to 20 million manufacturing jobs are set to be lost to robots by 2030.
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