The World Economic Forum (WEF) has published its Future of Jobs Report 2023, which examines how global trends and technologies may impact the job market, including in Pakistan. The report predicts that artificial intelligence (AI) and big data will be vital for companies’ skills strategies worldwide. The report also warns that 83 million jobs may disappear in the next five years across the world, with some jobs becoming obsolete.
The report indicates that 23 per cent of jobs are expected to change by 2027, with 69 million new jobs created and 83 million eliminated. The green transition and localisation of supply chains are expected to generate a net increase in jobs. Cognitive skills, such as analytical and creative thinking, will be the most crucial skills for workers in the next five years, with companies focusing on AI and big data in particular.
The study provides a comprehensive evaluation of Pakistan’s performance related to the Future of Jobs in 2023 and predicts how the job market will unfold in the next 5-7 years. Pakistan has the most negative outlook globally, with a lower skill stability than the global average. The report identifies several global trends and technologies that will affect Pakistan’s job market, such as digital platforms and apps, big-data analytics, and education and workforce development technologies. These trends and technologies will play a crucial role in creating new employment opportunities and driving industry transformation.
WEF’s report suggests that while reskilling and upskilling towards green skills is growing, it is not keeping pace with climate targets. The working-age population in Pakistan is 85.78 million, indicating a vast pool of potential talent. The country’s labor force participation rate is 57 per cent, with 55 per cent of the workforce in vulnerable employment. However, the unemployment rate remains relatively low at 5 per cent. It also highlights that 82 per cent of companies plan to adopt education and workforce development technologies in the next five years.
Mishal Pakistan, the Country Partner Institute of the Center for New Economy and Societies Platform, World Economic Forum, has announced plans to develop a comprehensive report on the Future of Jobs for Pakistan in the third quarter of 2023.
Amir Jahangir, Chief Executive Officer of Mishal Pakistan, believes that by strengthening the education system, investing in vocational and technical training, and fostering a culture of innovation, Pakistan can better equip its population to excel in the global job market. Saadia Zahidi, Managing Director of the World Economic Forum, emphasises that investing in education, reskilling, and social support structures will ensure individuals are at the heart of the future of work.
