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Sunday, April 14, 2024

WEF warns that 14 million jobs will vanish in next 5 years

As global economy weakens and companies adopt technologies such as artificial intelligence, millions of jobs will become extinct, says World Economic Forum

Major disruptions will occur in the job market over the next five years as more companies adopt artificial intelligence (AI) technologies and the global economy worsens, the World Economic Forum (WEF) said in its latest report.

AI and economic and social conditions are expected to result in 83 million job losses, with only 69 million jobs created by 2027, said the report, which was published Sunday.

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That will result in a net loss of 14 million jobs, which represents 2% of current employment.

The report anticipates that almost a quarter of employees will change jobs, mainly due to the advent of new technologies.

The adoption of technology and higher digital access will also create net job growth but with greater offsets from losses. Slower economic growth, supply shortages and inflation pose the greatest risks to jobs, says the report.

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The advent of AI will risk many roles directly as robots replace humans in some instances. There could be some 26 million fewer record-keeping and administrative jobs by 2027, said the WEF.

According to the report, in 2020, employers thought 47% of roles would be automated by 2025. Today, they anticipate that number to reach 42% by 2027.