Business Management – SWOT and Knowledge Management w/Citations – Due Fri 11/12

11/10/21, 1:50 PM Technology Will Erase 5 Million Jobs | Best Countries | US News

https://www.usnews.com/news/best-countries/articles/2016-01-20/technology-will-erase-5-million-jobs 1/2

A World Economic Forum report predicts a loss of more than 7 million jobs because of technological advances and a gain of slightly more than 2

million through specialization.

DAVOS, Switzerland — As if plummeting stock markets, fears of a new recession and a growing gulf between rich and poor isn't enough to deal with, world leaders have a new concern: a loss of more than 5 million jobs in 15 developed and emerging economies by 2020. That is what world leaders were told on Wednesday as the World Economic Forum opened its meetings at Davos with a stark picture about how technology will reshape society. Further, those job losses will come in the world's leading economies: the United States, China, Germany, the United Kingdom, Japan, France and Australia, as well as in developing economies such as India.

In its report, "The Future of Jobs," the WEF forecast a loss of more than 7 million jobs because of technological advances and a gain of slightly more than 2 million through specialization. In the report, WEF founder and Executive

Technology Will Erase 5 Million Jobs

Leaders at World Economic Forum are urged to immediately train workforces for a changing future.

By Mina Al-Oraibi

Jan. 20, 2016

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11/10/21, 1:50 PM Technology Will Erase 5 Million Jobs | Best Countries | US News

https://www.usnews.com/news/best-countries/articles/2016-01-20/technology-will-erase-5-million-jobs 2/2

Chairman Klaus Schwab urged governments to prepare their countries' workforces for a changing future, otherwise issues such as inequality and unemployment will only worsen. The report's message came on a day where discussion panels focused on technological disruption and changing work environments, as well as daily headlines such as falling oil prices, slowing economic growth in China and

armed conflicts around the world. This year's WEF gathering, the 46th such annual meeting, is entitled "Mastering the Fourth Industrial Revolution." "The Fourth Industrial Revolution refers to the fusion of technologies across the physical, digital and biological worlds which is creating entirely new capabilities and dramatic impacts on political, social and economic systems," says Schwab. "The speed, scale and systemic nature of this transformation has the potential to disrupt all sectors and call into question the essence of human nature and identity." The "Fourth Industrial Revolution" is also the title of Schwab's latest book. While he admits to writing it in three months, Schwab has been discussing these ideas and their implication on the world for years. And he wants the world to listen up. The impact of automation is just one aspect of this new revolution. Cyber security is another. "We will see more security issues with the Internet of things," warned Eugene Kaspersky, chairman and CEO of Kaspersky Lab, at a panel organized by Internet security company WiseKey. From the vulnerability of power plants to transit systems and automated cars, Davos has been abuzz with these concerns. Jimmy Wales, the Founder of Wikipedia, urged attendees to take security seriously, but not to allow government to use the pretense of 'security' to deprive users of encryption. For 46 years, leaders from the worlds of politics, business, culture and civil society have been descending on the otherwise sleepy Swiss town of Davos snuggled in the Alps to join in discussions, deals and parties. And each year, the World Economic Forum has been faced with the daunting task of providing an over-arching theme for the meeting. This year, more than 2,500 participants are convening to discuss topics ranging from cyber security to automation and changing work patterns, as well as broader issues that address technology and humanitarian crises. In addition to its strong convening power – this year bringing everyone from the Queen of Belgium to Kevin Spacey together – the World Economic Forum sees itself as a global think tank. Over the past 24 hours, they have published reports to support the ideas behind the theme of the Fourth Industrial Revolution.

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