Most of them are going all-in for automation of everything these days, either classic robots or some fancy iteration of "AI". Chinese labor got too expensive, even Apple is fleeing, most of Asia is too unstable politically given the potential for multiple hot wars in the entire region (most involving China, but there's also India and Pakistan), Southern America is too unstable as well with either lunatic politicians or drug lords running the show, most of Africa just doesn't have the infrastructure required for either low-skill industry work or IT offshoring plus the looming effects of climate change and, again, multiple hot wars going on. Oh, and machines don't go on strikes or demand market wages.
So, the result will be even worse, with people not even having jobs and left to fight for scraps instead. Or maybe one of the hot wars will eventually go global and humanity will be nuked down to 1% of the population, Fallout style. Who knows.
A worldwide famine would cause nukes - people don't quietly sit around and starve, they revolt. Meanwhile, if you're a head of state that needs more food (because you don't want to be lynched) then you go acquire more farmland.
So, the result will be even worse, with people not even having jobs and left to fight for scraps instead. Or maybe one of the hot wars will eventually go global and humanity will be nuked down to 1% of the population, Fallout style. Who knows.