The World Economic Forum Expects 14 Million Jobs Will Be Lost In The Next 5 Years 

What’s going on:      

The World Economic Forum (WEF) released its 2023 Future of Jobs report – which surveyed Chief Executive Officers, Chief Human Resources Officers, and Chief Strategy Officers from all over the world. The report covers around 45 countries, and around 11.3 million workers are represented by the employers surveyed, according to WEF.   

The Future of Jobs Report suggests that employers are expected to create 69 million new jobs by 2027 and cut 83 million jobs by 2027, according to CNN Business.   

Why it matters:      

The WEF report anticipates major disruption to the global labor market caused in part by the adoption of Artificial intelligence (AI) solutions.   

AI will affect one-fourth of all jobs in the next five years, according to WEF. This disruption will lead to both job losses and job creation – with a net loss of 14 million jobs by 2027. WEF anticipates that 75% of organizations worldwide are planning to introduce AI solutions over the next five years.  

How it’ll impact the future:      

AI is currently considered by the WEF report as a smaller threat to labor prospects than other macroeconomic factors like slower economic growth, supply shortages, and inflation. The WEF report anticipates that AI will disrupt the global labor market, but the net impact of most technologies will remain positive due to the employment growth factors of big data analytics, management technologies, and cybersecurity, according to Fortune.   

The number of roles expected to decrease the fastest in the upcoming years are clerical or secretarial roles. WEF’s report suggests that Bank Tellers and Related Clerks, Postal Service Clerks, Cashiers and Ticket Clerks, and Data Entry Clerks are expected to decline fastest.