What do a pharmacist, security guard and chef all have in common? These are just some of the jobs already being done by robots, with the list ever growing.
Rapid advances in robotics, automation and artificial intelligence (AI) have sparked fears of an imminent “robocalypse” where robots take over many of the jobs traditionally done by humans, leading to mass unemployment. But have no fear, write Nordea Markets analysts Erik Bruce and Joachim Bernhardsen in the new issue of the Nordea Economic Outlook.
“Machines replacing humans is not a new thing. It is the main reason behind the enormous improvement in welfare since the industrial revolution,” says Bruce, and this time is not likely to be much different.
Moreover, with the Western world and many developing countries facing huge demographic challenges due to an ageing population, robots could fill a critical gap, helping to lift productivity and welfare.
That’s not to say that the dawn of the robots will be challenge free. By taking over routine, middle-skill jobs, robots could displace workers in the middle class, leaving jobs for humans concentrated at the top and bottom ends of the pay scale. That could exacerbate income inequalities.
Learn how the Nordics are particularly well-suited to confront these challenges and reap the benefits of automation in this special report.
Also in this Economic Outlook:
- Country-specific economic forecasts for the Nordics and the global outlook
- China heads into its blockbuster political event – the National Congress of China’s Communist Party – this fall. Will there be a shuffle in the country’s top ranks that shapes the country’s future economic course?
- What to expect from Germany’s upcoming election and future government
Download the full report here.
Read the press release here.
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