New study pinpoints 83 million jobs that will go extinct by 2027 worldwide
The global job market will undergo significant changes between 2023 and 2027, according to the “Future of Jobs” survey conducted by the Chulalongkorn Business School and the World Economic Forum.
The survey, which involved 803 companies in 45 countries, revealed that of the current 673 million jobs, 83 million will be eliminated by 2027. However, it also said that 69 million new jobs will be created.
Prof Wilert Puriwat, dean of the business school, said on Monday that several key factors are driving job growth during this five-year period. The green transition, environmentally friendly practices, adoption of social and governance (ESG) standards and the localisation of supply chains were identified as crucial elements.
However, Puriwat also said businesses will face many challenges, such as inflation, global economic slowdown and limited access to technology.
Yet, despite these challenges, he reckoned the demand for jobs related to technology and digitalisation will rise in the future. Roles such as data analysts, big-data specialists, artificial intelligence (AI) and machine-learning specialists as well as cybersecurity professionals should grow approximately 30% by 2027.
The survey also predicted that around 2 million positions will be created in the digital commerce sector, including roles like e-commerce specialists, digital transformation specialists, digital marketing and strategy specialists, he said.
Separately, certain jobs are expected to decline due to technological advancements, like bank tellers, postal service clerks, cashiers, data entry clerks and administrative secretaries.
The professor also predicted a growth in jobs related to sustainability, education and agriculture by 2027. These jobs are expected to focus on preserving the environment while promoting long-term business growth.
To adapt to these changes in the labour market, Prof Puriwat advised businesses to utilise AI and big data to build analytical and creative thinking skills. He also said that organisations should consider cross-functional working, building employee satisfaction and boosting productivity.
Lastly, the professor advised educational institutes to pay attention to developing students’ skills and understanding of societal changes, so they can effectively cope with the evolving labour market and contribute meaningfully to society.
