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Expert warns of imminent unemployment

Residents of many countries will face unemployment and an economic collapse amid the ongoing labor automation, according to Israeli historian Yuval Noah Harari, the RBC business daily reported.

People in developed countries such as the United States and Germany may benefit from automation as it will create new economic sectors. However, the states that have their economies based on low-cost labor will face major issues as they will not be able to re-train unemployed people and provide them with jobs.

This will result in rendering many workers useless from the economic perspective, the expert emphasized. Yuval Noah Harari did not specify Russia’s future in this context; according to economists, the country is somewhere between developed nations and the Global South countries with a large segment of low-cost labor, the biggest states being India and China.    

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