Are Robots problem for the future economic growth?

One of the attractive but contradictory disciplines of engineering and science study can be called Robotics. A challenge in the human world to replicate or program a machine to act like a human with double the strength and flexibilities provides the operation in an extended but also be productive and cost-efficient.

Quite a lot of Expectations to be fulfilled!

Most of the developed countries where the labor cost is expensive and comparatively population is quite less than compared to the rest of the African or Asian countries. Economic growth depends on various factors such as natural resources, physical capital or infrastructure, population or labor, human capital, Technology and Law does define the shaping of the financial year for any country. Labor being one of the important factors along with its justified skills, Technology is also something advancing in reshaping the countries or helping to move forward.

However, with time, society is also changing, peer pressure, stress, and various other factors are affecting the population growth leading to a drop in birth rate and hence, shortage of labor. Another crucial factor is the working environment with language problems among the various countries, kind of mandatory set of skills, replacing the gap of such skilled people in the workplace has been quite taken by the Robots or the Robotics world. Even though it created a fascination among the new engineers to program such machines, however, the goal of solving the labor shortage problem has been taken over by the rise of increasing the speed for better production and manufacturing of the end products, a race to win the market.

The skills associated with the robotics world has been considered to be quite in demand and one of the highly paid job. However, the scenario is quite uncertain about how the future will turn out, as most of the developing countries are also in the race of incorporating robotics in their sector to be equalized in the competition and increase productivity. It is considered, that the worldwide robotics market is increased by 44% from 2018 to 2022 and expected that the global sales volume to be 45 billion US dollars by 2022. The market is speculating that AI and robotics can double the economic growth for most of the developed countries by 2035.

The reason for growth opportunities among the robots is also high and increased with demand in losing the jobs. Fear is created that it can disrupt the job market, according to World Economic Forum (WEF), around 85 million human jobs are expected to be replaced by machines by time around 2025, but 97 million jobs will also be created in the coming future.

It is stated that robots are not a direct replacement of the human world but an extension of the workforce, hopefully, it remains in that segment or category.

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