Market News

By Kareem Azeez

A new report from the World Economic Forum (WEF) has predicted that 92 million jobs, or 8% of the global workforce, will be displaced by 2030 due to advancements in artificial intelligence (AI).

According to the report, 41% of employers worldwide expect to reduce their staff numbers as AI automates more tasks.

This includes roles such as graphic designers and legal secretaries, which are increasingly being replaced by generative AI tools capable of performing tasks traditionally handled by humans.

The WEF report said, “AI and big data top the list of fastest-growing skills, followed closely by networks, cybersecurity, and technology literacy.”

However, it also highlights the challenge faced by employers, as “many workers do not have the skills needed for evolving job roles.”

Despite these job losses, the WEF notes that AI will also create new opportunities. Employers predict 170 million new roles will emerge by 2030, leading to a net job growth of 7%, or 78 million jobs globally.

Employers are also focusing on retraining, with “77% of businesses planning to train their existing staff to work with AI,” the report adds.

The WEF concludes, “While technology will enhance productivity, it’s essential that workers are equipped with the skills to adapt to this transformation. Without proper support, millions of workers may face job displacement.”