Robots and AI could create more jobs than they destroy,…

Robots and AI could create more jobs than they destroy,…

Although machines will replace more humans in jobs by 2025, there will still be a net increase of 58 million new jobs brought by the development of artificial intelligence over the next five years, according to a report released by the World Economic Forum now held in Tianjin, The Paper reported. By 2022, the report says, roughly 75 million jobs worldwide will be lost, but that could be more than offset by the creation of 133 million new jobs. So that doesn't mean companies expect to have fewer jobs.

Saadia Zahidi, head of the WEF's Center for the New Economy and Society, said companies had "a moral and economic imperative" to invest in retraining and continuing education for their employees.

The report is the latest in a series of efforts by academics, consultancies and governments to assess the impact of new technologies on employment. But in that same period-just four years into the future-the study says that up to 130 million more human jobs will be created.

A Bank of England study in 2015 produced some of the bleakest figures, forecasting that as many as 80 million jobs in the USA and 15 million in the United Kingdom could be lost by 2035.

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Some companies could choose to use temporary workers, freelancers and specialist contractors, while others may automate numerous tasks.

The report states that while 75mn jobs could be displaced by 2022, 133mn new roles are set to emerge.

"Certain industries are going to be hit much harder than others, particularly those working around factories, but it's interesting to hear robots will be replacing jobs within accounting firms, post offices and secretarial roles". It warned there's a significant gap between the skills workers now have and those that may be required for future new roles.

Researchers working on "The Future of Jobs 2018" report surveyed executives from different industries around the world, aiming to get a look at how new technologies, like artificial intelligence, will affect the global labor force.

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