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The World Economic Forum predicts a loss of 14 million jobs globally

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Ziad Najjar
Ziad Najjar is an Egyptian author who studied business and finance in the United States and has a keen interest in media. He combines his expertise in these fields to create informative and engaging works accessible to a broad audience.

The World Economic Forum has said that in the next five years, the global labor market will experience major shocks that will lead to the disappearance of 14 million jobs worldwide.

The World Economic Forum, which hosts a meeting of world leaders every year in Davos, Switzerland, found that employers expect to create 69 million new jobs by 2027 and eliminate 83 million jobs. This would result in a net loss of 14 million jobs, equivalent to 2 percent of current employment.

The forum report showed that the spread of artificial intelligence will have both positive and negative effects, as companies will need new workers to help them implement and manage artificial intelligence tools, but at the same time, many jobs will be at risk as robots will replace a person in some cases.

He explained that artificial intelligence technologies will hurt several professions, most notably the bank teller, teller and old data entry officer, as these roles may experience the fastest rate of reduction in the next five years, indicating that the digital revolution, the desire to “clean environment transformation” and other factors have helped to restore the formation of the global world of work at an unprecedented speed.

He said companies will need new workers to help them implement and manage AI tools, noting that by 2027 the number of data analysts, scientists, machine learning specialists and cybersecurity experts will grow by an average of 30%.

He added: “But the spread of artificial intelligence will jeopardize many roles as robots will replace humans in some cases,” predicting that “by 2027, the number of jobs related to record keeping and administration will decrease by 26 million people, and is also expected to that jobs clerks and data entry secretaries will witness. “Leaders lose the most.”

According to the World Economic Forum’s The Future of Jobs 2023 report, a quarter of jobs are expected to change by about 23 percent over the next five years, with a 10.2 percent growth and a 12.3 percent contraction.

Source: CNN

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