ALBAWABA - The World Economic Forum (WEF) warned of significant disruptions in the global labor market in the next five years due to an economic slowdown and an increased reliance on technologies such as artificial intelligence, WEF said in a report.
WEF said the report is based on a survey of more than 800 companies. It predicts a net loss of 14 million jobs by 2027, equivalent to 2 percent of the current global workforce, as employers anticipate creating 69 million new jobs, while eliminating 83 million.
While the shift to renewable energy systems will help provide job opportunities, slowing economic growth and rising inflation will cause massive job losses, according to the report.
It highlighted that the use of artificial intelligence is both a positive and negative force, with the need for new workers to help companies use and manage AI tools expected to increase 30 percent by 2027.
It pointed out that the spread of AI will put many jobs at risk, such as record-keeping and executive secretarial jobs, with an estimated loss of 26 million jobs by 2027.
The World Economic Forum is a renowned international Organization for Public-Private Cooperation, based in Switzerland.
