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WEF: 14M jobs to disappear due to AI in the next five years

According to the World Economic Forum (WEF), as more businesses implement artificial intelligence (AI) technologies and the global economy deteriorates, there will be significant changes in the labor market over the next five years.

According to the analysis, which was released on Sunday, 83 million jobs are predicted to be lost due to AI and economic and societal conditions, while just 69 million new positions would be created by 2027.

As a result, there will be a net loss of 14 million jobs or 2% of the current labor force.

According to the survey, about a quarter of workers will switch employment, primarily as a result of the introduction of new technology.

Higher digital access and technology adoption will also result in net job growth but with greater offsets from job losses. Jobs are most at risk from slower economic growth, supply constraints, and inflation, according to the research.

As robots increasingly replace people in some situations, the emergence of AI will put many occupations at danger. By 2027, the number of administrative and record-keeping occupations could decrease by almost 26 million, according to the WEF.

The survey claims that in 2020, companies predicted that by 2025, 47% of roles would be automated.

They project that percentage to increase to 42% by 2027.

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