While we are still in the early phases of the robotic revolution, now is the time for countries to prepare their economies and societies for the massive changes that lie ahead. Growing technological sophistication and rapidly dropping costs is leading to a vast increase in the number of jobs robots can perform in a highly efficient manner. This will not only lead to major increases in productivity, but also to the replacement of human workers in many sectors of the economy. The growing use of robots will also reduce the competitive advantage cheap labour has historically provided many developing countries. Another game changer is the vital contributions robots will make in helping aging societies get better control of their healthcare costs. The combined impact of all these changes not only puts into sharp focus the potential of robots to significantly improve the world’s quality of life, it also brings to the forefront the unavoidable debate countries will have
over how wealth and work should be redistributed on a societal level.

This article was provided by National Bank Geopolitical team.

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