Technology is drastically narrowing the global labor market, the World Bank's chief economist told CNBC at the World Economic Forum in Tianjin.
"There is a tectonic shift taking place in the global labor market thanks to technology. Suddenly, the labor market is becoming a single market, which has never happened before," said World Bank senior vice president and chief economist Kaushik Basu.
"You can sit in a faraway land and work for someone else 5,000 miles away. This is causing a change in structure, and pressures are bubbling up in varied [economic and market] crises that we aren't connecting," he said.
As robotics and other smart machines make increasing inroads into the workplace and the home, experts worldwide are becoming concerned about the impact of technology on jobs.
In August, a Pew Research report showed sentiment is divided on the impact that artificial intelligence and robotics will have on human employment. 48 percent of experts surveyed "envision a future in which robots and digital agents have displaced significant numbers of both blue- and white-collar workers—with many expressing concern that this will lead to vast increases in income inequality, masses of people who are effectively unemployable, and breakdowns in the social order."
The rest believe the impact would not displace more jobs than it creates by 2025.
"We have to think in terms of long-run job creation strategy much more systematically than we have done thus far," Basu said.