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A Bleak Future

The global community has been facing uncertainty since the outbreak of COVID-19 Pandemic in December 2019, and this situation will continue. In its latest report, the World Economic Forum (WEF) has predicted that the global job market would remain turbulent for the next five years.

As per the report titled Future of Jobs, around 83 million people may lose their jobs, globally, by the end of 2027. At the same time, the WEF has mentioned that 69 million new job opportunities could be created during this period. The report has stated that the total number of job losses and newly created job opportunities could reach 23% of the global job market. The Forum has prepared the report after evaluating the performance of a total of 803 corporate organisations.

The WEF has further mentioned in the report (published on April 30, 2023) that 10.2% of new jobs could be created across the globe in the next five years, while nearly 12.3% of jobs would be cut. As far as India is concerned, the total number of layoffs and job vacancies would be about 22% of the existing job market over the next five years. According to the WEF, nearly 14 million people (or about 2% of current workforce) would become jobless in the world by the end of 2027 because of the increasing application of Artificial Intelligence (AI) in various sectors.

The Geneva-based international non-governmental and lobbying organisation for multinational companies organises a conference of world leaders every year in Davos, Switzerland. During the 2023 WEF Conference, the world leaders announced that they would try their best to create 69 million new jobs by 2027. At the same time, they admitted that 83 million people could become jobless.

The way technology is being used and various branches of science are developing, new horizons have been opened at workplaces. However, researchers believe that the use of modern technology will reduce the workforce in various organisations. According to researchers, the widespread use of AI has some positive, as well as negative, aspects. One of the negative aspects is downsizing the workforce. Some organisations will certainly hire new workers to implement AI, but will also layoff older employees. Hence, downsizing of the workforce shall become inevitable.

The world has already started using modern technologies, like ChatGPT, an AI chatbot developed by OpenAI and released in November 2022. ChatGPT is built on top of OpenAI’s GPT-3.5 and GPT-4 foundational Large Language Models (LLMs) and has been fine-tuned (an approach to transfer learning), using both supervised and reinforcement learning techniques. The use of auto energy has also been increasing gradually since 2021. Research shows that about 34% of the work of multinational corporations is now done by machines, and it will increase slowly.

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