World Economic Forum predicts 14 million jobs lost in 5 years due to slow economic growth

An estimated 14 million jobs are expected to be lost in the next five years, in part due to slower economic growth, according to a new World Economic Forum report.

The WEF, which hosts an annual gathering in Davos, Switzerland, surveyed over 800 companies and found that of the 673 million jobs studied, 69 million will be gained and 83 million will be lost, resulting in a 2% net decrease in current employment by 2027.

"The three key drivers of expected net job destruction are forecast to be slower economic growth, supply shortages and the rising cost of inputs, and the rising cost of living for consumers," the report states. 

Artificial intelligence is likely to have some positive and negative effects on future jobs. 

The survey respondents also predicted that 42% of tasks will be automated in five years, up from 35% of tasks today. 

Half of all organizations expect that AI will lead to job growth while 25% expect it to create job losses, according to the report.

"The fastest-growing roles relative to their size today are driven by technology, digitalization and sustainability," the report also states. The largest job growth is expected to occur in education, agriculture and digital commerce.

Meanwhile, the fastest-declining roles are driven by technology and digitalization. The largest losses are expected in administrative positions and traditional security, factory and commerce roles, such as cashiers, bookkeeping and data entry.

Madeleine Hubbard is an international correspondent for Just the News. Follow her on Twitter or Instagram.