70% of jobs in developing markets under threat from AI – report » Banking Technology

A new report from the International Bar Association has outlined the risks and rewards of artificial intelligence (AI), which while bordering on scaremongering also makes some good points, writes Telecoms.com The report highlights there is likely to be a widening gap between the worlds' richest and poorest nations. Countries like China or Thailand have grown through the last few years partly due to the difference in labour costs. Primary (mining, for example) and secondary (manufacturing) industries have been moved offshore because of the cost benefit, though robotisation on a mass scale would make this transition redundant. The report highlights: "While one production working hour costs the German automotive industry more than €40, the use of a robot costs between €5 and €8 per hour. A production robot is thus cheaper than a worker in China is. A further aspect is that a robot cannot become ill, have children or go on strike and is not entitled to annual leave."