There are some serious downsides to the fact that Robots are getting better at doing human jobs.
According to a report released Wednesday by Oxford Economics, machines are expected to move about 20 million manufacturing jobs across the world by 2030.
A global forecasting and quantitative analysis firm’s report “How Robots Change the World” claims that every new robot that is installed displaces 1.6 manufacturing workers on average.
Oxford Economics said that on average, each additional robot installed in lower-skilled regions could lead to nearly twice as many job losses as those in higher-skilled regions of the same country.
Since 200, 1.7 million manufacturing jobs have already been vanished because of robots, including 260,000 in the US, 400,000 in Europe and 550,000 in China, it said.
The average unit cost per robot has dived 11% between 2011 and 2016.
According to Oxford, Beijing “is investing in robots to position itself as the global manufacturing leader” and by 2030, “dwarfing” the rest of the world, some 14 million robots could be functioning in China itself.