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14 million jobs will vanish worldwide in the next five years: WEF Report

Over the next five years, the global job market will experience significant disruptions as the economy deteriorates and businesses increase their adoption of technologies like artificial intelligence (AI).

According to CNN, the World Economic Forum reached that conclusion after surveying more than 800 companies for a report.

The WEF, which annually holds a summit of world leaders in Davos, Switzerland, discovered that companies anticipate shedding 83 million positions and adding 69 million new ones by 2027. According to CNN, this will cause a net loss of 14 million jobs, or 2% of the present workforce.

During that time, a variety of factors will fuel labour market turbulence. Jobs will be created in large numbers thanks to the transition to renewable energy sources, while losses will be caused by poor economic development and excessive inflation.

Meanwhile, the rush to implement artificial intelligence will have both positive and negative effects. To manage and utilise AI tools, companies will need new employees. By 2027, the average number of jobs for data scientists, analysts, machine learning specialists, and cybersecurity experts is expected to increase by 30%.

At the same time, as machines increasingly take the place of people in some situations, the spread of artificial intelligence will jeopardise many jobs.

According to the WEF, there may be 26 million fewer record-keeping and administrative positions by 2027. The highest losses are anticipated for executive secretaries and data entry clerks, according to CNN.

Despite the recent buzz surrounding tools like ChatGPT, automation has only recently begun to take off. The WEF estimated that 34% of all tasks related to business are being carried out by machines. That is barely higher than the 2020 figure.

Source: CNN

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