Investors see governments as unprepared for AI-related job losses
Artificial intelligence will "inevitably" destroy millions of jobs with 93% of investors saying that governments are unprepared for this outcome, according to a new survey carried out by Web Summit, the technology conference being held in Lisbon. This follows warnings from the United Nations that manufacturers are increasingly turning to industrial robots with workers in developing countries expected to be hit hardest, and comments from Tesla CEO Elon Musk that automation will soon lead to worldwide job displacement and the adoption of a "universal basic income". 
And, some may put more focus on low-wage jobs that robots can't yet do

Report warns shift could take two-thirds of jobs in developing countries

Investors believe it is 'inevitable' that artificial intelligence will destroy millions of jobs and that governments are unprepared for such an impact, according to a new survey.

Artificial intelligence (AI), or the process by which computers or robots take on tasks that need human intelligence, is one of the key themes of this week's Web Summit in Lisbon.

The poll among 224 venture capitalists attending the conference showed 53 percent believed AI would destroy millions of jobs and 93 percent saw governments as unprepared for this.

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The poll among 224 venture capitalists attending the Web summit in Lisbon found 53 percent believed AI would destroy millions of jobs and 93 percent saw governments as unprepared for this.

The survey also found that 83 percent of the investors canvassed expect Britain's exit from the European Union to damage Europe's economy and 77 percent believe it will damage British startups.

London is widely seen as the main tech startup hub in Europe, thanks to its large pool of talent and a much bigger pool of funding than in rival centres.

Cities like Berlin, Amsterdam and Lisbon are eager to attract more tech startups.

The Web Summit, one of Europe's biggest tech conferences, is being held for the first time in Lisbon, with 53,000 attendees, after moving from Dublin where it was first launched in 2010.

The venture capitalists taking part have more than $100 billion of capital in total to invest. The Web Summit conducted the poll on Nov. 7.

It comes as the UN warns as manufacturers increasingly turn to industrial robots, workers in developing countries will be hit hardest.

So far, automation has largely been introduced to automotive, electrical, and electronics industries, posing a risk to low-wage workers in Mexico and many countries in Asia.

While workers in North America and other developed regions may also be affected by the shift, developing countries could soon lose 'about two thirds of all jobs' and risk the exploitation of low-wage workers in areas robots have yet to master.

As manufacturers increasingly turn to industrial robots, workers in developing countries will be hit hardest, a new UN report warns. Developing countries could soon lose 'about two thirds of all jobs'

The estimates come from a new report by the UN Conference on Trade and Development, which warns of the mixed benefits and risks of 'disruptive technologies.'

As many of these lower-skilled jobs had already disappeared in developed countries, the effect of automation and reshoring could bring about extreme losses in developing countries.

The use of robots will reduce the value of human labour in these settings as they act as a 'close substitute' for these workers, the report explains, putting many people out of jobs.

'The increased use of robots in developed countries risks eroding the traditional labour-cost advantage of developing countries,' the report says.

'The share of occupations that could experience significant automation is actually higher in developing counties than in more advanced ones, where many of these jobs have already disappeared, and this concerns about two thirds of all jobs.'

So far, automation has largely been introduced to automotive, electrical, and electronics industries, as shown on left. On right, the graph shows estimated world-wide year-end annual supply of industrial robots, by main industry, 2013-2015 (thousands of units)

Automation could also cause developing countries to put more focus on jobs that robots are not yet capable of taking on, like garment-making.

'In many labour-intensive industries, such as garment-making, widespread automation is not yet suitable,' the report explains.

'While robots have become cheaper, some developing countries continue to have a large pool of cheap labour.

'Thus, for those countries whose major challenge is to create jobs for a large number of low-skilled entrants to the labour force – such as in many parts of Africa – deploying robots under current cost structures many drive production costs up, rather than down.'

WORKPLACE ACTIVITIES WITH HIGH POTENTIAL FOR AUTOMATION In a recent McKinsey report, researchers analysed more than 2,000 work activities for over 800 occupations, looking at the amount of time spent on particular activities, and the feasibility of automating these tasks. For jobs which involve performing predictable physical activities, the researchers say the feasibility of automation is roughly 78 percent. The findings include: 59 percent of manufacturing activities could be automated. Within this field, the researchers say 90 percent of the activities of welders, cutters, solderers and brazers could be done by a robot.

73 percent of activities in food service and accommodations could be automated

53 percent of retail work could be automated; 47 percent of the salesperson's job could be automated, while 86 percent of bookkeepers, accountant and auditing clerks has this potential For jobs which involve performing predictable physical activities, the researchers say the feasibility of automation is roughly 78 percent. But, this is not the only factor to be considered when determining which jobs could soon be taken over by robots They also detailed the activities with low potential for automation: Education

Healthcare, especially those which require expertise and direct contact with patients, like dental hygienist

'Knowledge work,' including management jobs Advertisement !- - ad: https://mads.dailymail.co.uk/v8/ru/sciencetech/none/article/other/mpu_factbox.html?id=mpu_factbox_1 - ->

The report comes just days after Tesla CEO Elon Musk claimed automation will soon cause global job displacement and the adoption of a 'universal basic income.'

The billionaire explained that our options may be limited in the future as automation becomes the norm, and this could even leave people with more time to enjoy their lives.

Musk said humans will eventually need to achieve symbiosis with 'digital super-intelligence' in order to cope with the advancing world – but, he warns doing this might be the toughest challenge of all.

In an interview with CNBC, the CEO of Tesla, SolarCity, and SpaceX said certain jobs, like truck driving, may soon be lost to automated technologies.

Machines equipped with artificial intelligence are ever creeping into the workforce, and for humans, this could soon mean job displacement and a 'universal basic income,' according to Elon Musk (pictured)

FIVE JOBS MOST AT RISK A study last year revealed the five jobs most at risk of automation. These are: Accountants are 99 per cent likely to lose their jobs to machines. Umpires and referees have a 98.3 per cent chance of being automated. Waiters and waitress are 93.7 per cent likely to be replaced by machines. Legal assistants and paralegals have a 94.5 per cent chance of being automated. Fashion models are 97.6 per cent likely to lose the lime light because of robots. Advertisement !- - ad: https://mads.dailymail.co.uk/v8/ru/sciencetech/none/article/other/mpu_factbox.html?id=mpu_factbox_2 - ->

And with machines taking over the workforce, human income would shift as well, potentially necessitating universal payments from the government.

'There is a pretty good chance we end up with a universal basic income, or something like that, due to automation,' Musk told CNBC.

'I'm not sure what else one would do with this.

'I think that's what would happen.'

Musk went on to explain that some people may have plans to do more 'complex' and 'more interesting' things with these capabilities in the future.

This will open the door for more leisure time, he said.

'And then we have to figure out how we integrate with a world in the future with advanced AI,' Musk told CNBC, noting that this will likely be the 'toughest' part.