AI: Boon or Bane

Economics

It seems to be the perennial question of our time. Will AI create or take away jobs?

Automation in the labour market is nothing new. New industries have been able to absorb workers displaced from established industries. Let’s take China as an example. One-third of Chinese workers moved out of agriculture between 1990 and 2015. Technology may displace workers, yet the development of other industries has so far made up for this.

During the panel debate, our expert speakers will address how the Fourth Industrial Revolution is shifting job roles and generating demand for new skills. Although new industries tend to emerge when others decline, employment shifts can be a difficult transition. Time is needed to develop new working systems, acquire new skills and manage the social and demographic challenges labour markets will face.

For younger people, the Fourth Industrial Revolution will need to see a new approach to the creation of jobs. Global unemployment continues to disproportionately affect young people. In emerging economies, this is an even more pressing issue with local demographic dynamics of youthful populations and a growing middle class. To keep pace with the rapid technological change, safe and quality employment needs to be provided.