14 Million Jobs at Risk: Effects of AI ?

This conclusion is drawn from a report released on Sunday by the World Economic Forum, which was based on surveys completed by over 800 businesses.

The World Economic Forum (WEF), which annually convenes a conference of world leaders in Davos, Switzerland, has discovered that employers anticipate adding 69 million new jobs and eliminating 83 million existing ones by 2027. As a result, there will be a net loss of 14 million jobs, or 2% of the current workforce.

During that time, a number of factors will fuel labour market turbulent flow. The transition to renewable energy systems will be a major driver of job creation, but losses will be caused by slower economic growth and higher inflation.

Meanwhile, the rush to implement AI will have both beneficial and detrimental effects.

Employers will require additional staff to assist in implementing and overseeing AI tools. According to WEF, employment of machine learning specialists, cybersecurity experts, and data scientists is expected to grow by 30% on average by 2027.

At the same time, as robots increasingly take the place of people in some situations, the spread of artificial intelligence will jeopardise many jobs. According to WEF projections, there may be 26 million fewer administrative and record-keeping jobs by 2027. Executive secretaries and data entry clerks should expect the biggest losses.

In the early part of this decade, automation has grown gradually, despite the current uproar around tools like ChatGPT. According to WEF research groups, machines presently handle 34% of all business-related tasks.

The projected pace of adoption in the future has also been lowered. Employers projected that by 2025, 47% of tasks would be automated in 2020. By 2027, they now project that percentage to rise to 42%.

Companies are now rethinking the skills that their employees require. According to WEF, businesses now place a higher value on “the ability to efficiently use AI tools” than on computer programming.