Investment in upskilling can boost GDP by US$6.5 trillion by 2030

Accelerated investment into the upskilling and reskilling of workers could inject at least US$6.5 trillion into global GDP, create 5.3 million new jobs by 2030, and help develop more inclusive and sustainable economies worldwide, highlights a report by the World Economic Forum. 

Accelerated skills enhancement would ensure that workers have the experience and skills needed for the Fourth Industrial Revolution, says the report, thereby boosting global productivity by 3% on average by 2030. 

These newly created jobs will be those that are complemented and augmented – rather than replaced – by technology, it adds. 

The report also notes that regions and economies with the biggest gains are those in which the skill gaps are larger, and the potential is greatest to improve productivity through skills augmentation, citing countries like China, the United States, India and Spain. 

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“Millions of jobs have been lost through the pandemic, while accelerating automation and digitisation mean that many are unlikely to return,” said Saadia Zahidi, Managing Director, World Economic Forum.

“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,” Zahidi added.