Sunday, April 21, 2024

14 Million Jobs Will Vanish in Next 5 Years Due to AI: Report

A report published on Sunday predicts that the combination of artificial intelligence and economic and social conditions may lead to the loss of 83 million jobs by 2027.

Unfortunately, only 69 million new jobs are expected to be created in the same period, resulting in a net loss of 14 million jobs or 2% of current employment. The report further anticipates that almost a quarter of employees will change jobs due to the emergence of new technologies.

While technology and digital access will create new job opportunities, these gains will be offset by job losses. According to the report, robots could replace humans in some roles, leading to a potential decline of 26 million administrative and record-keeping jobs by 2027.

The report also notes that employers’ expectations have changed since 2020, with a decrease in the percentage of jobs they think will be automated by 2027 compared to their previous estimates for 2025. The report identifies slower economic growth, supply shortages, and inflation as the most significant risks to jobs.

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