() — Huge disruptions will rock the global job market over the next five years as the economy weakens and businesses push the adoption of technologies like artificial intelligence.
That finding comes from the World Economic Forum (WEF), which this Sunday published a report based on surveys of more than 800 companies.
The WEF, which hosts a meeting of world leaders in Davos, Switzerland, every year, found that employers expect to create 69 million new jobs by 2027 and eliminate 83 million positions. That will result in a net loss of 14 million jobs, equivalent to 2% of current employment.
Many factors will fuel the labor market turmoil during that period. The switch to renewable energy systems will be a powerful driver for job creation, while slower economic growth and high inflation will drive losses.
Meanwhile, the rush to implement AI systems will serve as both a positive and a negative force.
Companies will need new workers to help them implement and manage Artificial Intelligence tools. Employment of data analysts and scientists, machine learning specialists and cybersecurity experts is expected to grow 30% on average by 2027, according to WEF.
At the same time, the proliferation of artificial intelligence will put many jobs at risk, as robots will replace humans in some cases. There could be 26 million fewer administrative and record-keeping jobs by 2027, the WEF predicted. Data entry clerks and executive secretaries are expected to experience the steepest losses.
Despite the recent buzz surrounding tools like ChatGPT, automation has spread slowly since the beginning of this decade. Organizations surveyed by WEF estimated that 34% of all business-related tasks are currently performed by machines. That’s just slightly above the 2020 figure.
Expectations about the pace of future adoption have also been revised downward. In 2020, employers thought that 47% of tasks would be automated by 2025. Now they expect that number to reach 42% by 2027.
Meanwhile, companies are rethinking what skills their employees need. Companies now value “the ability to use AI tools efficiently” more than computer programming, according to WEF.