It has been repeated to death that upskilling is key for the future economy, but perhaps nobody really realised the true economic potential of building a more highly-skilled workforce until now.
In a report released by the World Economic Forum on Jan 25, it was found that accelerated upskilling and reskilling could contribute at least US$6.5 trillion to global GDP. It would also create 5.3 million net new jobs by 2030 that will complement and augment rather than be replaced by technology.
The report, entitled Upskilling for Shared Prosperity, was co-authored with consulting firm PwC. It was released at the Davos Agenda conference on Jan 25. It notes that by preparing people for the new jobs of the fourth industrial revolution, accelerated skills training would also provide an additional 3% on average to global productivity by 2030.