The Future of Jobs Report 2023 from the World Economic Forum (WEF) looks at how global trends and technologies may affect the work market, including in Pakistan. According to the report, big data and artificial intelligence (AI) would be crucial to firms’ global skill initiatives. The paper also forewarns that 83 million jobs could vanish or become obsolete globally over the course of the next five years.
According to the report, 23% of jobs will change by 2027, with 69 million new jobs being added and 83 million being destroyed. It is anticipated that the green transition and the localization of supply chains will lead to an increase in jobs overall. In the coming five years, employers will place the greatest emphasis on cognitive abilities including analytical and creative thinking, as well as big data and AI.
The report offers a thorough assessment of Pakistan’s performance in terms of the Future of Jobs in 2023 and makes predictions about how the labour market will develop over the ensuing 5-7 years. Pakistan has a more bleak perspective than any other country in the world, and its skill stability is lower than the average. According to the report, big data analytics, digital platforms and apps, and technologies for workforce development and education will all have an impact on Pakistan’s job market. These developments and technologies will be vital in fostering the development of new job opportunities and the transformation of entire industries.
According to the WEF research, while reskilling and upskilling in green fields are expanding, they are not keeping up with climate ambitions. There is a sizable talent pool in Pakistan, where 85.78 million people are of working age. The country’s labour force participation rate is 57%, with vulnerable employment accounting for 55% of employment. However, at 5%, the unemployment rate is still quite low. It also emphasises that 82% of businesses intend to use technologies for workforce development and education over the next five years.
In the third quarter of 2023, Mishal Pakistan, the Country Partner Institute of the Centre for New Economy and Societies Platform, will produce a thorough study on Pakistan’s future employment prospects.
According to Amir Jahangir, chief executive officer of Mishal Pakistan, Pakistan may better prepare its people for success in the global job market by enhancing the educational system, making investments in vocational and technical training, and promoting an innovative culture. In order to ensure that people are at the centre of the future of work, Saadia Zahidi, managing director of the World Economic Forum, highlights the importance of investing in education, reskilling, and social support systems.