Robotization to cut 30 mio jobs

Credit: Anton Denisov | RIAN

Robotic automation will lead to 30 mio workers, or 8.5%, losing jobs in Russia in ten years. At the same time, along with unemployment, the change will also generate a demand for new specialists and spur economic growth, according to the Oxford Economics report.

According to the analysts, a 30% increase in the number of robots will send global GDP up 5.3%, or $4.9 trln, in 2030. The popularity of robots is predictably growing because employing a machine is cheaper than a human: from 2011 to 2016, the price of robots has decreased by 11%.

On average, one robot will have 1.6 people fired. Indicatively, unemployment will surge at double rate in regions with weaker industrial development and predominance of low-skill jobs. According to analysts at Oxford Economics, this will further deepen economic inequality and political polarization within the country.

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