The World Bank observed that when technology is reshaping world, India and China may loss job from technological progress. Developments in technology, driven by automation may affect employment situation in two largest populated economies. According to the Bank, automation will affect 69% job in India and 77% in China.
The Bank’s President, Jim Yong Kim in a speech at Brookings Institute, Washington, US, told that automation led by technological progress is going to disturb traditional path of economic growth in developing countries.
“As we continue to encourage more investment in infrastructure to promote growth, we also have to think about the kinds of infrastructure that countries will need in the economy of the future. We all know that technology has and will continue to fundamentally reshape the world,” said Mr Kim.
Several observers pointed out that the two countries may face severe challenge to find employment opportunities for their huge population in the coming stages of growth.
Developments like artificial intelligent and robotics will make future industrialization less attractive from employment angle.
In his speech, the WB President reminded that “Mechanization and the arrival of technology have disrupted traditional industrial production, upended manual jobs and called time on the work that has been done by generations of families.”
