The McKinsey Global Institute (MGI) finds these trends gathering force and spreading to China and other developing economies, as the global labor force approaches 3.5 billion in 2030. Based on current trends in population, education, and labor demand, the report projects that by 2020 the global economy could face the following hurdles:
* 38 million to 40 million fewer workers with tertiary education (college or postgraduate degrees) than employers will need, or 13 percent of the demand for such workers.
* 45 million too few workers with secondary education in developing economies, or 15 percent of the demand for such workers.
* 90 million to 95 million more low-skill workers (those without college training in advanced economies or without even secondary education in developing economies) than employers will need, or 11 percent oversupply of such workers.
Nonsense.
Automation is replacing workers at an exponential rate.
The USA has lost 17 million manufacturing jobs since 2000 but our manufacturing output has increased.