Davos Forum expects turmoil in the world’s labour market

In a report, the World Economic Forum revealed its expectations that the global labour market will be affected by some huge disruptions over the next five years, and will weaken the economy except for companies that rely on different technology such as artificial intelligence.

Based on surveys of more than 800 companies, the report stated that 14 million jobs worldwide would disappear in the next five years.

The World Economic Forum, Davos, found that employers expected to create 69 million new jobs by 2027 and eliminate 83 million.

The shift to renewable energy systems will be a powerful driver of job generation, while slowing economic growth and rising inflation will result in losses, according to the network.

The report argues that the spread of artificial intelligence will be a positive and negative force, because companies will need new workers to help them implement and manage artificial intelligence tools, but at the same time, many jobs will be jeopardized, with robots replacing humans in some cases.

On its official website, the World Economic Forum (WEF) said that AI technologies would harm several functions, most notably the bank’s cashier, treasurer and old data entry officer, as these roles could see the fastest decline in the next five years.

Over the next 5 years, almost a quarter of jobs (23%) are expected to change through growth of 10 .2% and a decrease of 12 .3% according to the World Economic Forum’s Future Jobs Report 2023.