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Labor market changes on the horizon

August 21, 2023

Employers anticipate a structural labor market churn of 23% of jobs in the next five years. That’s what the recent report “The Future of Work 2023” by the World Economic Forum indicates. Of the 673 million jobs reflected in the dataset, respondents expect structural job growth of 69 million jobs and a decline of 83 million jobs. This corresponds to a net decrease of 14 million jobs, or 2% of current employment.

“This can be interpreted as an aggregate measure of disruption, constituting a mixture of emerging jobs added and declining jobs eliminated,” the report says. 

Respondents also expect a higher-than-average churn in the Supply Chain and Transportation and Media, Entertainment and Sports industries, and lower-than-average churn in Manufacturing as well as Retail and Wholesale of Consumer Goods

According to the survey, professions such as architects and surveyors, renewable energy engineers and solar energy system and installation engineers are relatively high-growth positions as economies shift to renewable energy.

The highest absolute growth is expected in the following areas:

  • Education (vocational education teachers and university professors)
  • Agriculture (especially agricultural equipment operators)
  • Digital commerce (e-commerce specialists, digital transformation specialists and digital strategy and marketing specialists)

Source:  World Economic Forum| Valor Econômico