Artificial Intelligence Will increase The Gap Between Rich And Poor

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In this 21st century of the technology revolution, it’s low-income earners will get affected. All over the world economic divide is growing higher. The rich are getting richer and the poor are getting poorer. In many countries, households have recently decreased in income because of the economic divide these include job insecurity and underemployment.

Underemployment and unemployment people are affected by the growing of Artificial intelligence in the workplace. Low-skilled poor workers losing jobs because of AI rapid growth.

Machines & Robots are other forms of artificial intelligence they are expected to carry out more tasks normally carried out by humans. PWC stats projected it will increase 14% of global GDP by the year 2030.

AI will contribute $15.7 trillion to the world economy over next decade, Approximately 42% of the expected $15.7 trillion increase in the global economy it is expected to create automated machinery in the workplace. It will create job losses and divide between rich and poor. Once these jobs disappear, what will become of that group of people?”

Robots may be able to meet and improve on human performance in jobs. By the year 2025, the number of robots worldwide is expected more. Consulting firm McKinsey believes that within the next 20 years, 45 percent of US workers are at risk of losing their jobs to automation. The World Bank believes that within that period, 57 percent of jobs in the OECD could become taken over by machines.

The Massachusetts Institute of Technology survey told that every new robot incorporated into the US economy, employment would be reduced by 5.6 workers. Artificial intelligence will provide great profit to companies. So, where will those people go? Some have suggested that service industries such as hospitality will become a popular safe haven for those pushed out of their jobs by automation. While artificial intelligence is considered to be innovative, perhaps the greatest innovation required will be in adapting to the economic factors associated with a robot revolution.

 

 

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