According to the World Economic Forum (WEF), the global job market is set to experience a significant shift in the next five years, with 23% of existing positions expected to be disrupted. The report estimates that certain jobs will be lost, and even more new roles will emerge, with a eventual net deficit of 14 million roles.
The WEF hails three primary driving forces behind this labour market transformation – the green transition, the increased adoption of new technologies, and the slow economic growth alongside the rising cost of living. The green transition is forecast to have the strongest effect on job creation, with sustainability professionals and renewable energy engineers predicted to be the fastest emerging roles. As for new technologies, AI and Machine Learning Specialists, Business Intelligence Analysts, and Information Security Analysts are some of the top new positions expected to appear. Lastly, the slow economic growth is set to displace the majority of existing jobs, with bank clerks, accounting and payroll personnel, and cashiers set to be some of the most impacted.
The WEF report presents the latest data on job market disruption and provides insight into how different countries will behave. Surprisingly, the expected shift holds similar for each region, with Europe, North America, the Middle East, and Northern Africa set to experience a 21% job disruption and Central Asia estimated to reach 25%.
Ioanna is a writer for The Next Web (TNW) who specializes in the European tech ecosystem. With a background in the humanities, she is dedicated to writing content that facilitates social impact and sustainability. The emerging job market trends that the WEF presents are sources of inspiration for her work. She focuses particularly on startups, green technologies, AI and EU policies.
