Friday, September 18, 2020
Home Lead Story Quarter of a Billion People To Lose Jobs: Microsoft President

Quarter of a Billion People To Lose Jobs: Microsoft President

The world will need a broad economic recovery that will require in part the development of new skills among a substantial part of the global workforce

The Covid-19 pandemic has hit the world economy so hard that a quarter of a billion people are set to lose their jobs this year, Microsoft President Brad Smith has said.

The world is facing a staggering job challenge and people need to learn new skills to get jobs, “or even to hang on to their old one,” Smith said recently.

According to Microsoft calculations, global unemployment in 2020 may reach a quarter of a billion people.

Follow us on Twitter to get the latest updates from us!!

“It is a staggering number. The pandemic respects no border. In the US alone, the Congressional Budget Office estimates the country may witness a 12.3 point increase (from 3.5 percent to 15.8 percent) in the unemployment rate, equating to more than 21 million newly out-of-work people. Many other countries and continents face similar challenges,” Smith elaborated.

Quarter of a Billion People To Lose Jobs
According to Microsoft calculations, global unemployment in 2020 may reach a quarter of a billion people. Flickr

Microsoft last month announced a new global skills initiative to help 25 million people worldwide acquire new digital skills by the end of the year.

The announcement comes in response to the global economic crisis caused by the Covid-19 pandemic.

“We live in a world of internet inequality – if we don’t do something about it we are going to exacerbate all the other inequalities that we all worry about. This is a task beyond any one company or any one government but if we can reach 25 million people we will feel like we are doing our part,” said Smith.

The world will need a broad economic recovery that will require in part the development of new skills among a substantial part of the global workforce, he added.

Quarter of a Billion People To Lose Jobs
The Covid-19 pandemic has hit the world economy so hard that a quarter of a billion people are set to lose their jobs this year, Microsoft President Brad Smith has said. Pixabay

Over the next five years, Microsoft estimates that the global workforce can absorb around 149 million new technology-oriented jobs.

Software development accounts for the largest single share of this forecast, but roles in related fields like data analysis, cybersecurity, and privacy protection are also poised to grow substantially.

“Of course, the magnitude and mixture of job growth will vary by country, industry, and sector,” said Smith.

Also Read: Here’s Why Tourism Sector Should Revise Priorities During Covid-19

Although the impact will not be distributed evenly, digital transformation will touch virtually every corner of the global workforce — from food production (324,000 new jobs) to healthcare (2 million) and the automotive industry (6 million).

However, the existing training is not reaching the populations who need it most.

“On-the-job training far outpaces distance learning and other alternative modes, limiting options for prospective employees. Perhaps more significantly, on-the-job training is more than two times as prevalent among workers who are already in higher-skilled roles, leaving those in more automatable positions even more vulnerable to displacement,” Smith noted. (IANS)

STAY CONNECTED

19,153FansLike
362FollowersFollow
1,773FollowersFollow

Most Popular

Smoking May Cause Bleeding in the Brain: Study

Smoking most likely has a significant share in all cases of subarachnoid haemorrhage, the most fatal type of cerebrovascular disturbances in the brain, warn...

Wear Eyeglasses to be at a Lower Risk of Contracting Covid-19

A small yet significant study from China has found that people who wear eyeglasses may be at a lower risk of contracting Covid-19 as...

Another Level Of Security By WhatsApp

WhatsApp is reportedly working on to adding another layer of security via biometric scanning support that will help users secure new sessions on the...

Men, Women May Experience Similar Rates of Anxiety Due to Job Insecurity

Contrary to the common belief, researchers have found that men and women might experience similar rates of anxiety due to job insecurity. As more people...

Kids Who Take Steroids to Treat Asthma at Increased Risk for Diabetes: Study

Children who take oral steroids to treat asthma or autoimmune diseases have an increased risk of developing diabetes, high blood pressure, and blood clots,...

Indians Should be Thankful to Their Genes for Low Mortality Rate: Scientists

A study conducted by top genetic experts has revealed that Indians should be thankful to their genes for tiding over the Covid pandemic with...

Hansal Mehta Feels the Need For More Films on LGBTQ Community

Filmmaker Hansal Mehta feels we need more films to be made on the LGBTQ community. "There has been an absolute change in our society as...

Smart Drug May Help in Treatment of Neurological Disorders

Scientists have created a smart drug delivery system that reduces inflammation in damaged nervous tissues and may help treat spinal cord injuries and other...

Recent Comments

Donate to NewsGram to support quality journalism.
x