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Huge disruptions will rock the global job market over the next five years as the economy weakens and companies boost adoption of technologies such as artificial intelligence (AI), a new report has revealed.<\/p>\nHuge disruptions will rock the global job market over the next five years as the economy weakens and companies boost adoption of technologies such as artificial intelligence (AI), a new report has revealed.<\/p>\n
That finding comes from the World Economic Forum, which published a report based on surveys of more than 800 companies, reports CNN.<\/p>\n
WEF ,which hosts a gathering of global leaders in Davos, Switzerland, every year found that employers expect to create 69 million new jobs by 2027 and eliminate 83 million positions.<\/p>\n
That will result in a net loss of 14 million jobs, equivalent to 2 per cent of current employment, CNN reported.<\/p>\n
Many factors will feed labour market churn during that period. The shift to renewable energy systems will be a powerful engine for generating jobs, while slower economic growth and high inflation will drive losses.<\/p>\n
The rush to deploy artificial intelligence, meanwhile, will serve as both a positive and a negative force.<\/p>\n
Companies will need new workers to help them implement and manage AI tools.<\/p>\n
Employment of data analysts and scientists, machine learning specialists and cybersecurity experts is forecast to grow 30 per cent on average by 2027, according to WEF.<\/p>\n
At the same time, the proliferation of artificial intelligence will put many roles at risk, as robots replace humans in some cases.<\/p>\n
There could be 26 million fewer record-keeping and administrative jobs by 2027, WEF predicted.<\/p>\n
Data entry clerks and executive secretaries are expected to see the steepest losses, CNN reported.<\/p>\n
Despite the recent sensation surrounding tools like ChatGPT, automation has expanded slowly in the early part of this decade.<\/p>\n
Organisations polled by WEF estimated that 34 per cent of all business-related tasks are currently performed by machines. That’s just a hair above the figure from 2020.<\/p>\n