23% of jobs will be interrupted in the next 5 years, predicts WEF

Nearly a quarter of the world’s jobs will be affected in the next five years, the latest report by the World Economic Forum (WEF) has found. Specifically, the labor market will experience a turnover of 23%, as a result of emerging and missing positions.

According to WEF, surveyed companies expect 83 million jobs to be lost, although offset by the creation of 69 million new jobs. This still leaves a deficit of 14 million eliminated positions, which translates to a contraction of 2% of the global labor force.

The report identified three key factors driving labor market transformation: the green transition, increased adoption of new technologies, and slow economic growth coupled with the rising cost of living.

Respondents expect that investments that facilitate the green transition of companies and the broader application of ESG standards will have the greatest net job creation effect, despite a lower percentage of displacement. Sustainability specialists are among the fastest growing top jobs, with renewable energy engineers and solar energy systems and installation engineers also.

It is estimated that the new technologies will have an overall positive impact, although they will eliminate jobs.

In particular, big data analytics, climate change environmental management technologies, encryption and cyber security they are expected to be the main drivers of employment growth. Digital platforms, applications, e-commerce and AI it will also create more jobs than it will eliminate. Only robots will take our jobs, resulting in an 11.4% loss of roles.

Consequently, AI and machine learning specialists, business intelligence analysts, and information security analysts top the list of fastest-growing roles. The longest job Losses, which are related to increasing automation and digitization, are expected in administrative roles and traditional security, factory and trade positions. These include, for example, tellers, bank tellers, and accounting, bookkeeping, and payroll clerks.

But despite considerable technology disruption, respondents believe the biggest threat to the job market is the economic downturn. Specifically, slow economic growth coupled with tight supply and inflation could be responsible for 87.4% of the net job displacement

From a regional perspective, countries around the world are expected to experience similar levels of labor market disruption, driven by the same three key factors. The change is slightly less in EuropeNorth America, the Middle East and North Africa at 21%, while the biggest change is expected in Central Asia at 25%.