Conference Presentation, Panel
Working Smarter: The Future of Jobs
- Malaysia's population aged 60 or older is projected to rise from 8% currently to 20% by 2050, while the global population is expected to reach 2 billion by 2050 with 1 billion residing in Asia.
- Global spending power for individuals over 60 is forecast to reach $15 trillion annually by 2050, and the world population with middle-class aspirations is predicted to reach 8 billion soon.
- Demographic growth in the 21st century is expected to occur almost entirely in Africa and South Asia, whereas birth rates in the U.S., Korea, China, and Iran have dropped to below replacement levels within the next 10 to 20 years.
- China is projected to become older than the United States in a few years, and the U.S. birth rate has fallen to 60 births per 1,000 women, a significant decline from 200 in the 1950s.
- By 2030, McKinsey Global Institute estimates that 400 million people globally (14% of the workforce) will be displaced by automation, with roles involving data processing and collection most vulnerable to elimination.
- Rapid job displacement within a 5 to 10 year timeframe, if concentrated in specific sectors, countries, or ethnic groups, could catalyze catastrophic political unrest and labor pushback.
- Technology deployment in agriculture, such as vertical farming in China allowing 26 harvests annually versus 4 to 6 traditionally, has the potential to eliminate 500 million jobs globally.
- India and China are scheduled to account for almost 40% of all investment in solar and other non-carbon-based energy sources.
- Genome sequencing time has decreased from a decade to less than an hour with costs dropping from $3 billion to under $1,000, while AI algorithms in dermatology are projected to outperform humans once sufficient data is available.
- Female enrollment in schools globally increased from 65% to 90% by 2015, and in two-thirds of countries, women now slightly outnumber men in university attendance.
- S&P Global plans to address pay gaps by setting upfront salaries for new hires and allocating funds to close existing gaps, particularly in the UK, while over 55% of its employees have taken AI training this year.
- Public policy changes in Korea are anticipated to be necessary to facilitate fatherhood and address a birth rate below 1.0 live births per female driven by cultural job expectations.
- The U.S. education system has seen little to no progress since 1960, while Singapore has surpassed it, with Asian students relying on significant family investment in supplemental education compared to the U.S. model of lowered rating standards.
- In 11 Asian countries, the middle class allocates an average 1-to-1 investment ratio between education and housing/transportation, contrasting sharply with the 25-to-1 ratio in the United States.
- China faces emerging health epidemics with obesity and diabetes, where the country is expected to have the largest diabetic population globally, alongside a 41-year increase in average life expectancy driven by East Asian investment.
- Labor access in Asia, particularly China, has historically favored larger government-related entities, which is expected to inhibit job creation growth despite high capital availability.
- Access to capital in the U.S. and its support for innovation are viewed as global exemplars, contrasting with the U.S. low self-confidence of youth (26% under 30) compared to 78% in China.
- Only 4% of Fortune 500 companies currently release full diversity and pay statistics, prompting the Milken Institute to challenge them for transparency regarding gender pay.
- AI is not expected to replace the deep, messy human interaction found in Socratic education within the next generation, and widespread adoption of technologies like robotic surgery faces resistance from practitioners.
- By 2050, all eight founding leaders of the EU from 1951 will have seen their children's generation, yet seven of those specific individuals have never had children.
- Male disengagement in education is observed in Northeast Asia with young males appearing dysfunctional, while young females in China and the U.S. are increasingly vocal about gender issues.
- It is anticipated that within five to ten years, society will achieve full gender equality such that the topic no longer requires discussion as a separate issue.
- The cost of producing a lab-grown burger dropped from $330,000 in 2013 to $7,000 per pound in subsequent prototypes, and net worth distribution varies significantly by country, with high proportions of low net worth in the U.S. and high net worth in Australia.
- More than 60 million jobs were created by small and medium businesses in the U.S. during the last 30 years of the 20th century, compared to a loss of four million jobs by larger investment-grade companies.