Huge disruptions will rock the global job market over the next five years as the economy weakens and companies boost adoption of technologies such as artificial intelligence.
That finding comes from the World Economic Forum, which on Sunday published a report based on surveys of more than 800 companies.
WEF — which hosts a gathering of global leaders in Davos, Switzerland, every year — found that employers expect to create 69 million new jobs by 2027 and eliminate 83 million positions. That will result in a net loss of 14 million jobs, equivalent to 2% of current employment.
Many factors will feed labor market churn during that period. The shift to renewable energy systems will be a powerful engine for generating jobs, while slower economic growth and high inflation will drive losses.
The rush to deploy artificial intelligence, meanwhile, will serve as both a positive and a negative force.
Companies will need new workers to help them implement and manage AI tools. Employment of data analysts and scientists, machine learning specialists and cybersecurity experts is forecast to grow 30% on average by 2027, according to WEF.