The recent study conducted by McKinsey Global Institute shows almost 50% of the jobs available today can be automated. If adoption of new technologies accelerate in recent years, almost 800 million workers might be displaced by 2030. But with an aging population, increased investment in infrastructure and buildings, the creation of new tasks, and the marketization of previously unpaid work may enable the global economy to absorb the unemployment, McKinsey Global states.
While there is hope for those who might lose their jobs, the transition will be huge. Displaced employees will need to be re-educated so that they can switch occupational categories. Countries will need to create the necessary safety nets to provide its citizens the breathing space they will need while they are equipping themselves to the changing workforce demands.
The McKinsey Global Institute assures us that 8 to 9 percent of new jobs will be created by 2030, but it also stresses the fact that the impact of automation will vary significantly per country, per occupation, and per sector. What can happen to less developed countries that are unable to develop the proper structures for this economic shift to happen?