Accelerated investment in upskilling and reskilling of workers can add at least 6.5 trillion dollars to global GDP, create 5.3 million new jobs by 2030 and help develop more inclusive and sustainable economies worldwide, according to a World Economic Forum report published on Monday.
The report titled 'Upskilling for Shared Prosperity' and authored in collaboration with PwC finds that accelerated skills enhancement will ensure that people have the experience and skills needed for the jobs created by the Fourth Industrial Revolution -- boosting global productivity by 3 per cent on average by 2030.
The newly created jobs will be those that are complemented and augmented -- rather than replaced -- by technology.
"Even before Covid-19, the rise of automation and digitisation was transforming global job markets, resulting in the very urgent need for large-scale upskilling and reskilling. Now, this need has become even more important," said Bob Moritz, Global Chairman of PwC.
"Upskilling is key to stimulating the economic recovery from Covid-19 and creating more inclusive and sustainable economies. To make this happen, greater public-private collaboration will be key," he said.
Saadia Zahidi, Managing Director of World Economic Forum, said millions of jobs have been lost through the pandemic while accelerating automation and digitisation mean that many are unlikely to return.
"We need new investments in the jobs of tomorrow, the skills people need for moving into these new roles and education systems that prepare young people for the new economy and society," she said. "There is no time to waste."
Sharan Burrow, General Secretary at the International Trade Union Confederation (ITUC), said investment in job creation, particularly climate-friendly jobs, is key to ensuring a reskilling revolution, and concerted action by governments and by business is needed urgently.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
RECOMMENDED FOR YOU