Investment in upskilling can boost global GDP by $6.5 trillion by 2030: WEF

The investment can create 5.3 million new jobs by 2030, according to a World Economic Forum report

Accelerated investment in upskilling and reskilling of workers can add at least 6.5 trillion dollars to global GDP, create 5.3 million new jobs by 2030 and help develop more inclusive and sustainable economies worldwide, according to a World Economic Forum report published on Monday.

The report titled 'Upskilling for Shared Prosperity' and authored in collaboration with PwC finds that accelerated skills enhancement will 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 average by 2030.

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

"Even before Covid-19, the rise of automation and digitisation was transforming global job markets, resulting in the very urgent need for large-scale upskilling and reskilling. Now, this need has become even more important," said Bob Moritz, Global Chairman of PwC.

"Upskilling is key to stimulating the economic recovery from Covid-19 and creating more inclusive and sustainable economies. To make this happen, greater public-private collaboration will be key," he said.

Saadia Zahidi, Managing Director of World Economic Forum, said millions of jobs have been lost through the pandemic while accelerating automation and digitisation 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," she said. "There is no time to waste."

Sharan Burrow, General Secretary at the International Trade Union Confederation (ITUC), said investment in job creation, particularly climate-friendly jobs, is key to ensuring a reskilling revolution, and concerted action by governments and by business is needed urgently.