In the last five years, the global operating stock of industrial robots has increased by approximately 65 percent to 2.4 million units. Thisindicates that companies around the world are dramatically adopting industrial automation.

In this time frame, the US Bureau of Labor Statistics reported a positive impact on the labor market. The employment rate in the automotive industry increased by 22%, from 824,400 to a whopping 1,005,000 jobs created per annum. Moreover, BLS also revealed that the automotive industry is second fastest automating sector in the US.

However, the above-mentioned findings are contradicted by a recent MIT report. Let’s learn how.

MIT News Center Research 

BLS’s figures appear to contradict the findings recently published by the MIT news center on social scientist Daron Acemoglu’s research.

Supported knowledge from 1990 to 2007, Acemoglu deduced an associated degree negative overall impact of robots on employment. And the American blue-collar operation communities have experienced the most significant impact of automation.

However, recent studies in the US, Europe, and Asia demonstrate that MIT research findings are totally wrong.

Milton Guerry, IFR President, commented, “The impact of automation on employment is not at all different from previous waves of technology-driven change. Productivity will increase, and the competitive advantages of automation will not replace jobs. But they will modify tasks, increase jobs and create new ones.

Digger Deeper: A Recent OECD Analysis 

OECD analysis shows that companies that use technology effectively are ten times more productive than those that don’t. However, to equip the workforce with soft skills and technical information is crucial in the post-COVID-19 economy. IFR recommends close collaboration between industry, government, and academic institutions to enhance automation’s positive influence on the economy.

Here are some more recommendations mentioned in the IFR report:

  • Government policy incentives should jointly encourage business investment in training and support education financing, he noted.
  • Companies around the world must re-evaluate their global supply chain business models in reaction to the lessons learned from the Coronavirus. This could accelerate the introduction of robots, leading to a rebound in industrial activity in some areas and the restoration of jobs.
  • When the crisis, IFR expects a substantial boost for AI and automation, even though commerce cannot currently decouple from the economic downturn.

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