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Robots could take over 20 million manufacturing jobs around the world by 2030, economists claimed Wednesday.
According to a new study from Oxford Economics, within the next 11 years there could be 14 million robots put to work in China alone.
The article goes on to state the following:
Economists analyzed long-term trends around the uptake of automation in the workplace, noting that the number of robots in use worldwide increased threefold over the past two decades to 2.25 million. “As a result of robotization, tens of millions of jobs will be lost, especially in poorer local economies that rely on lower-skilled workers. This will therefore translate to an increase in income inequality,” the study’s authors said.
The addition of so many robots spells huge profits for businesses as the $4.9 trillion boost to the global economy will power the movement.
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