Investment in upskilling can boost global GDP by 2030: WEF

01 Feb '21

2 min read

Pic: Shutterstock

Reskilling of workers and investing money in upskilling human resources can boost global gross domestic product (GDP) by $6.5 trillion by 2030 and by $570 billion in India alone, according to a World Economic Forum (WEF) report, which said India's economic output would be the third after China and the United States. The findings were shared during the Davos Agenda Summit.

Worker development could create 53 lakh new jobs in the next two decades and help develop more inclusive and sustainable economies globally, the report showed.

India has the second-highest additional employment potential at about 23 lakh, after the United States at close to 27 lakh, but much more than 17 lakh for China.

The report, Upskilling for Shared Prosperity, authored in collaboration with PwC, found that accelerated skills enhancement would 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 an average, by 2030.

The additional GDP potential is the highest in China at almost $2 trillion, followed by close to $1 trillion in the United States.

The newly created jobs will be those that are complemented and augmented –rather than replaced—by technology.

"Millions of jobs have been lost through the pandemic, while accelerating automation and digitization 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," said Saadia Zahidi, Managing Director, World Economic Forum.

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