MANILA -- Economists from the Asian Development Bank (ADB) on Thursday stressed the need to establish employment security amid technological advancements that all too often result in human labor being supplanted by machines.
In a media briefing on the Asian Development Outlook 2018 Report at the ADB headquarters in Mandaluyong City, Economic Research and Regional Cooperation Department economist Sameer Khatiwada said that while technological innovation fuels productivity and economic growth, it can also lead to widespread loss of jobs.
"Every single technology breakthrough has led to increase in productivity and earnings in the region, but of course, as you can imagine any new technological innovation tends to also lead to displacement and this has been taking place for a long time," Khatiwada said.
Khatiwada said there is still reason to remain optimistic about Asia's job prospects considering that new technologies give rise to new occupations and industries.
He said a detailed analysis of occupation titles in India, Malaysia, and the Philippines found that 43 to 57 percent of new job titles that emerged in the past 10 years are in information and communications technology (ICT).
Another ADB economist, Elisabetta Gentile, said the challenge for workers is to undergo retraining and skills development "to learn the new skills that they will need to actually take advantage of these new jobs."
"Technological innovation is changing the demand for skills. It’s creating new jobs but these jobs have skills requirements that don’t match the ones that the existing workers have. So, the workers have to be retrained," Gentile said.
"In order to have successful wage growth, workers have to earn the skills that are on demand in the labor market," she added.
Gentile also highlighted the role governments must play in leveraging technological advances for inclusive growth and ensuring that workers are protected from the downside of new technologies.
"It is the government’s role to respond to technology, but also to take advantage of the opportunities that technologies provide and finally to support the growth and development of technology," she said.
Gentile said the government must ensure favorable labor regulation, social protection, progressive tax policies, education and training for workers. (PNA)
