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 businesses for a study.
Employers anticipate creating 69 million new jobs and eliminating 83 million positions by 2027, according to the WEF, which organises an annual meeting of world leaders in Davos, Switzerland.
According to CNN, this will cause a net loss of 14 million jobs, or 2% of the present labour force.
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, but 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 technologies, companies will require new employees.
By 2027, the average number of jobs for data scientists, analysts, machine learning professionals, and cybersecurity experts is expected to increase by 30%.
At the same time, as machines increasingly take the place of people in certain situations, the spread of artificial intelligence will jeopardise many jobs.
By 2027, the WEF estimated that there may be 26 million fewer employment in administration and record-keeping.
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 estimates that 34% of all tasks connected to business are being carried out by machines. That is only marginally higher than the 2020 figure.