According to the latest World Economic Forum's Future of Jobs Report, the global labor market is expected to expand by 78M positions, or a net growth of 7% of total employment, in the next five years.
This comes as broadening digital access, technological advancements — artificial intelligence (AI) in particular — geopolitical and geoeconomic tensions, economic uncertainty, demographic shifts, and the green transition are expected to produce a structural transformation in the job market.
Despite the optimistic tone of this latest report, the undeniable fact is that workers are being progressively replaced with AI. And if one reads between the lines, the World Economic Forum does acknowledge just that. After all, unlike last year, the report no longer claims that most technologies are a "net positive" for job figures.
Essentially, the impact of AI on the labor market is no different than that of past innovations. Whenever a more efficient technology arises to benefit mankind, some jobs will be rendered obsolete and workers will be displaced — and that's exactly the evolutionary process of capitalism. AI and its impact on the global workforce must be celebrated.