World Economic Forum: “The Future of Jobs Report, 2020”

The world economic forum recently released the third edition of the future of jobs report 2020. According to the report the covid-19 and its impacts will disrupt more than 85 million jobs by 2025.

About the report

The report is based on the future of jobs. The report has been prepared by the forum based on the projections of Senior Business leaders from more than 300 Global firms. These Global leaders together employ over a million of workers.

Key findings of the report

• The automation and new division of labour between the Machines and humans will be the major reason for disruption of jobs in the next five years.
• The redundancy in workforce will decrease from 15.4 % to 9 percentage.
• The covid-19 economic crisis has accelerated the disruption of jobs.
• Around 43 percentage of businesses all over the world have reduced their work force due to integration of Technology.
• Around 41 % of businesses in the world are using contractors for task specialised work.
• Around 31 percentage of the businesses in the world are planning to expand their workforce due to integration of Technology.

Key highlights of the report

50 percentage of the workers in the world require reskilling in order to secure their jobs in the next five years. The acceleration of Technology might increase Global inequality and reduce income of the workers. The most affected due to the acceleration of Technology will be the young people, women and low skilled workers.

Suggestions provided by the report

The report says that the government should provide access to social safety nets to the displaced workers and improve their education, offer incentives to businesses to invest in jobs of future. The report says that the private sector should increase training programmes and ensure that the workers are not left Behind.

20 markets to transform the economy

The report lists “20 market of tomorrow”. These markets have the potential of transforming the economy in the future. They are antiviral, spaceflight, skills capital, water rights and quality credits, genes and DNA sequences, drugs, reskilling services, artificial intelligence, Greenhouse gas allowances, satellite services, reforestation services and hydrogen.

Month: Current Affairs - October, 2020