Global labor markets are poised for a new era of turbulence as technologies such as artificial intelligence (AI) accelerate the decline of clerical work, while simultaneously increasing demand for technology and cybersecurity specialists.
Over the next five years, nearly one-quarter of all jobs would change as a result of AI, digitization and other economic developments such as the green energy transition and supply chain reshoring, a report published yesterday by the World Economic Forum in Geneva showed.
About 69 million jobs would be created and 83 million eliminated by 2027, resulting in a net decrease of 2 percent of current employment, the Future of Jobs report said.
Photo: Bloomberg
The survey is based on input from about 800 companies employing more than 11 million workers across 45 economies and uses a dataset of 673 million jobs.
While the study expects AI to result in “significant labor-market disruption,” the net effect of most technologies would be positive over the next five years as big data analytics, management technologies and cybersecurity become the biggest drivers of employment growth.
The emergence of AI applications such as ChatGPT, which uses large language models to simulate human reasoning and problem solving, would have a particularly pronounced effect by displacing and automating many roles that involve reasoning, communicating and coordinating, the report said.
About 75 percent of surveyed companies said they expect to adopt AI technologies over the next five years, which they predict would eliminate up to 26 million jobs in record-keeping and administrative positions — such as cashiers, ticket clerks, data entry and accounting.
For now, AI remains a smaller threat to labor prospects than other macroeconomic factors such as slower economic growth, supply shortages and inflation, the report said.
Opportunities for job creation would likely come from investments that facilitate the green transition of businesses, the broader application of environmental, social and governance standards, and a broad reorientation of global supply chains, it said.
The Eurovision Song Contest has seen a surge in punter interest at the bookmakers, becoming a major betting event, experts said ahead of last night’s giant glamfest in Basel. “Eurovision has quietly become one of the biggest betting events of the year,” said Tomi Huttunen, senior manager of the Online Computer Finland (OCS) betting and casino platform. Betting sites have long been used to gauge which way voters might be leaning ahead of the world’s biggest televised live music event. However, bookmakers highlight a huge increase in engagement in recent years — and this year in particular. “We’ve already passed 2023’s total activity and
Nvidia Corp CEO Jensen Huang (黃仁勳) today announced that his company has selected "Beitou Shilin" in Taipei for its new Taiwan office, called Nvidia Constellation, putting an end to months of speculation. Industry sources have said that the tech giant has been eyeing the Beitou Shilin Science Park as the site of its new overseas headquarters, and speculated that the new headquarters would be built on two plots of land designated as "T17" and "T18," which span 3.89 hectares in the park. "I think it's time for us to reveal one of the largest products we've ever built," Huang said near the
China yesterday announced anti-dumping duties as high as 74.9 percent on imports of polyoxymethylene (POM) copolymers, a type of engineering plastic, from Taiwan, the US, the EU and Japan. The Chinese Ministry of Commerce’s findings conclude a probe launched in May last year, shortly after the US sharply increased tariffs on Chinese electric vehicles, computer chips and other imports. POM copolymers can partially replace metals such as copper and zinc, and have various applications, including in auto parts, electronics and medical equipment, the Chinese ministry has said. In January, it said initial investigations had determined that dumping was taking place, and implemented preliminary
Intel Corp yesterday reinforced its determination to strengthen its partnerships with Taiwan’s ecosystem partners including original-electronic-manufacturing (OEM) companies such as Hon Hai Precision Industry Co (鴻海精密) and chipmaker United Microelectronics Corp (UMC, 聯電). “Tonight marks a new beginning. We renew our new partnership with Taiwan ecosystem,” Intel new chief executive officer Tan Lip-bu (陳立武) said at a dinner with representatives from the company’s local partners, celebrating the 40th anniversary of the US chip giant’s presence in Taiwan. Tan took the reins at Intel six weeks ago aiming to reform the chipmaker and revive its past glory. This is the first time Tan