The World Economic Forum (WEF) has released its latest report, predicted significant job losses and gains due to the adoption of artificial intelligence (AI) technologies and worsening economic and social conditions. The report, published on Sunday, warns that disruptions will occur in the job market over the next five years as more companies embrace AI.
According to the report, 83 million jobs are expected to be lost by 2027, with only 69 million jobs created during the same period, resulting in a net loss of 14 million jobs, which represents 2% of current employment. The report highlights that almost a quarter of employees will have to change jobs due to the advent of new technologies.
While the World Economic Forum report predicts that the adoption of technology and higher digital access will create net job growth, the gains may be offset by the risks of slower economic growth, supply shortages, and inflation. The WEF warns that economic and social conditions are expected to result in significant job losses.
The increasing use of AI will also result in the replacement of humans by robots, putting nearly 26 million administrative and record-keeping jobs at risk by 2027. The WEF report states that as robots replace humans in some roles, there could be a direct risk to many jobs.
The World Economic Forum report highlights that in 2020, employers expected 47% of roles to be automated by 2025. However, they now predict that the number will reach 42% by 2027. This suggests that the adoption of AI will continue at a slower pace than previously anticipated, but will still result in significant changes in the job market.
Overall, the World Economic Forum report warns of major disruptions in the job market over the next five years. While AI and economic and social conditions are expected to lead to 83 million job losses, there is hope that the adoption of technology and higher digital access will also create net job growth. However, risks of slower economic growth, supply shortages, and inflation may offset the gains, leading to significant changes in the job market.