Technology, Business

October 21, 2020

The Covid-19 pandemic is speeding up automation

Source: Unsplash (Photos Hobby) 

The Gist

The World Economic Forum projects that half of all work will be done by machines by 2025. 

The List

  • The WEF made the projection based on a survey it gave to 300 of the world's biggest companies. 
  • More than half are trying to speed up automation, primarily as a means to cut costs during the recession caused by the coronavirus pandemic. 
  • The WEF believes over 95 million jobs will be created by the surge in automation but also eliminate at least 85 million jobs. 
  • Most of the job losses would come from low skilled positions in sectors such as manufacturing, and most of the job creation will happen in sectors like green energy and cloud computing. 
  • The WEF warns that tens of millions of people around the world will need to be re-skilled, and governments will need to expand safety nets to support those who are unable to perform high skilled jobs. 

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