Robots to create 133m jobs over next decade, says WEF report

The World Economic Forum (WEF) has said that the rise of machines, robots and algorithms could create 133 million jobs globally over the next decade.

The WEF report suggests that whilst technologies will displace an estimated 75 million jobs, new technologies will also create new ways of working seen similarly in previous periods of economic history such as the Industrial Revolution.

The findings of the report still warn of the risks that can be posed by automation, urging for greater investment in training and education to help workers adapt to the changes.

“[This] is a call to action to governments, businesses, educators and individuals alike to take advantage of a rapidly closing window to create a new future of good work for all,” wrote Klaus Schwab, chairman of the WEF, in the report.

Over eight out of 10 businesses in the UK said that they are likely to automate work in the next five years.

Employees that are in accounting, data entry and payroll services are among those most at risk from displacement.

A study by the Fabian Society and the Community trade union found that over six million people across the UK are concerned that their jobs will be replaced by machines over the next ten years.

The Bank of England has warned that up to 15 million jobs across the UK could be under threat.

Schwab said: “Workforce transformations are no longer an aspect of the distant future. As shown in the five-year outlook of this report, these transformations are a feature of today’s workplaces and people’s current livelihoods and are set to continue in the near term.”

“We hope this report is a call to action to governments, businesses, educators and individuals alike to take advantage of a rapidly closing window to create a new future of good work for all.”