Robots on the rise
Robotisation tends to boost productivity and economic growth, generating new employment opportunities in line with the pace of job destruction. Oxford Economics estimates that a 1% increase in the stock of robots per worker in the manufacturing sector leads to 0.1% boost to output per worker across the wider workforce.
The consultancy has calculated how changes in the rate of installation of industrial robots could affect the global economy, and finds that a faster robot adoption has a positive impact on both short- and medium-term growth.
“For example, boosting robot installations to 30% above the baseline forecast by 2030 would lead to an estimated 5.3% boost in global GDP that year,” it contends.
However, the impact of robotisation will be uneven and the process will drive regional polarisation around the world.
“Robots are on the rise as never before. Preparing for and responding to the social impacts of automation will be a defining challenge of the next decade,” warns Oxford Economics.