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As clerical work declines at an accelerated rate due to technologies like artificial intelligence, demand for technology and cybersecurity expertise is rising, setting the stage for a new period of volatility in the global labor markets.
According to a research released by the World Economic Forum in Geneva on Monday, during the course of the next five years, roughly a quarter of all occupations will shift as a result of artificial intelligence, digitization, and other economic trends including the switch to green energy and supply chain re-shoring.
The majority of technologies will have a favorable overall influence over the next five years even if the report predicts AI will cause “significant labor-market disruption,” as big data analytics, management technology, and cybersecurity will overtake other areas as the main drivers of employment growth.
The paper stated that numerous roles including thinking, communicating, and coordinating will be replaced and automated as a result of the development of AI applications like ChatGPT. ChatGPT employs machines to replicate human reasoning and problem solving.
Over the next five years, up to 26 million jobs in record-keeping and administrative positions, such as cashiers, ticket clerks, data entry, and accountants, are expected to be eliminated, according to 75% of the companies surveyed. In 45 different economies from around the world, 11.3 million workers are employed by the more than 800 enterprises surveyed for the WEF study.
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According to the report, macroeconomic concerns like weaker economic growth, supply constraints, and inflation currently pose a greater threat to employment prospects than AI. Opportunities for job creation are likely to result from investments that help companies go green, from the expanded use of ESG standards, and from a comprehensive reorientation of global supply chains, the report stated.