According to a study by the Washington-based Center for Global Development, the Asian giant's share of global manufacturing will rise to 43% of total jobs by 2050, making China one of the few countries to see such growth jobs during this period.
Major Western economies have seriously questioned their dependence on China for goods supplies as the global supply chains have become gridlocked following the Covid-19 pandemic.
The delays and price hikes fueled an inflationary wave that is still affecting the global economy, prompting the European Union and the United States to implement a risk-reduction strategy on China.
The United States is seeking to limit China's progress in the production of cutting-edge technologies, such as semiconductors, needed for the development of artificial intelligence.
Rich countries are likely to continue losing manufacturing jobs, with the sector's share of the high-income workforce falling from 11.4% to 8.3% by 2050.
Manufacturing jobs are expected to remain stable in low-income countries at less than 8% of total employment.
In fact, in these countries, jobs are expected to shift from agriculture to the service sector without seeing a significant shift to industrial production.
"This does not mean that poor countries will never escape poverty. New technologies and the shift to services that can be easily delivered across borders can be transformative," said Ranil Dissanayake, senior fellow at the Center and co-author of the study. .
The study was conducted based on the forecasts for 59 countries providing approximately 75% of the world's GDP. /BGNES
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