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SINGAPORE – Millions of jobs will be wiped out by 2027 and the rate of creation of new jobs will be far lower than those eliminated.

This was the grim conclusion of the World Economic Forums (WEF) The Future of Jobs Report 2023, released on Monday. It comes amid concerns of a looming economic recession and persistent inflation.

Nearly a quarter of jobs will change by 2027, with about 69 million new jobs being created and 83 million to be eliminated, it said. This would mean a net decrease of 14 million jobs or 2 per cent of current employment.

Increasing digitalisation, adoption of new technologies, transition to a green economy, localisation of supply chains and slower economic growth are driving the change.

The findings are based on a survey of 803 companies that employ 11.3 million people in 45 economies around the world.

The most-in-demand jobs at the moment for the coming years are artificial intelligence (AI) and machine learning specialists, sustainability specialists, business intelligence analysts and information security specialists.

Jobs that will decline the fastest include clerical or secretarial roles, among them those of bank tellers, cashiers and data entry clerks.

The human-machine frontier is shifting to a new terrain, said Ms Saadia Zahidi, managing director at the WEF, acknowledging that technology is creating the structural churn.

While expectations of the displacement of physical and manual work by machines has decreased, tasks requiring reasoning, communicating and coordinating all traits with a comparative advantage for humans are expected to be more automatable in the future, she noted in an op-ed to mark the release of the Jobs Report 2023.

Generative AI is expected to be adopted by nearly 75 per cent of surveyed companies and will be second only to humanoid and industrial robots in terms of inflicting job losses, she said.

The WEFs report points out that the employment of data analysts and scientists, big data specialists, AI machine learning specialists and cyber-security professionals is expected to grow on average by 30 per cent by 2027.

Concurring with the reports findings, LinkedIns Ms Suzanne Duke, who heads the global public policy and economic graph team at the firm, said digital and green jobs have been the most in-demand in recent years.

There has been a 50 per cent surge in jobs mentioning GPT in the past 12 months, she said during a virtual briefing session by the WEF on the reports findings on Tuesday. GPT, or Generative Pre-trained Transformer, is a language model system that uses deep learning to produce human-like text.

Ms Zahidi and Ms Duke agreed that the emphasis on green jobs is bound to grow.

Roles from renewable energy engineers, solar energy installation and systems engineers to sustainability specialists and environmental protection professionals will be in high demand, translating to growth of approximately one million jobs, Ms Zahidi said in her op-ed. More On This Topic Singapore can expect lower job market churn from 2023-2027: WEF expert askST Jobs: How to flourish after youve been redeployed The WEFs Job Report 2023 said, however, that the largest absolute gains in jobs will be in the education and agriculture sectors.

Jobs in the education industry are expected to grow by about 10 per cent, leading to three million additional jobs for vocational and higher education teachers.

Jobs for agricultural professionals will see a 15 per cent to 30 per cent increase, leading to an additional four million jobs.

While disruption will be across the globe, the new economic geography created by shifting supply chains and a greater focus on resilience over efficiency is expected to create net job growth, with wins for economies in Asia and the Middle East especially, said Ms Zahidi.

In terms of skills upgrades, the Jobs Report estimates that on average, 44 per cent of an individual workers skills will need to be updated.

Strong cognitive skills are increasingly valued by employers, reflecting the growing importance of complex problem-solving in the workplace, said the report.

Analytical thinking and creative thinking will be the most valued skills in 2023, and remain so for the next five years.

Faster reskilling will be necessary, said Mr Shravan Goli, chief operating officer at Coursera, an open online course provider at the virtual briefing.

The companys research showed that individuals without degrees could acquire critical skills in a similar timeframe to those with degrees.

Given this reality, companies could opt for more skills-based hiring to tackle skills gaps and talent shortages, he said. More On This Topic Singapore still has archaic ideas about skills-based jobs, says President Halimah askST Jobs: How to choose the best training pathway Top 10 fastest growing jobs*

1. AI and Machine Learning Specialists

2. Sustainability Specialists

3. Business Intelligence Analysts

4. Information Security Analysts

5. Fintech Engineers

6. Data Analysts and Scientists

7. Robotics Engineers

8. Big Data Specialists

9. Agricultural Equipment Operators

10. Digital Transformation Specialists

*The jobs that survey respondents expect will grow most quickly from 2023 to 2027, as a fraction of present employment figures. Top 10 skills of 2023**

1. Analytical thinking

2. Creative thinking

3. Resilience, flexibility and agility

4. Motivation and self-awareness

5. Curiosity and lifelong learning

6. Technological literacy

7. Dependability and attention to detail

8. Empathy and active listening

9. Leadership and social influence

10. Quality control

**The skills judged to be of greatest importance to workers at the time of survey. Source: World Economic Forum, Future of Jobs Report 2023 More On This Topic First real-world study shows generative AI boosted worker productivity by 14% Singapore salary guide 2022: Is your pay competitive?

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Business

Former Bank of England governor Mark Carney named prime minister of Canada – succeeding Justin Trudeau

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Former Bank of England governor Mark Carney named prime minister of Canada - succeeding Justin Trudeau

Former Bank of England governor Mark Carney has been named Canadian prime minister after winning the Liberal Party leadership in a landslide victory.

Mr Carney, who also used to head up Canada’s central bank, had emerged as the frontrunner as his country was hit with tariffs imposed by President Trump.

He ended up winning 85.9% of the vote.

During his victory speech, he told the crowd: “Donald Trump, as we know, has put unjustified tariffs on what we build, on what we sell and how we make a living.

“He’s attacking Canadian families, workers and businesses and we cannot let him succeed and we won’t.”

Mr Carney said Canada would keep retaliatory tariffs until “the Americans show us respect”.

Mr Trump’s tariffs against Canada and his talk of making the country America’s 51st state have infuriated Canadians.

More on Canada

The American national anthem has been repeatedly booed at NHL and NBA games.

“Think about it. If they succeeded, they would destroy our way of life… America is a melting pot. Canada is a mosaic,” Mr Carney added.

“America is not Canada. Canada will never ever be part of America in any way, shape or form.”

An easy pick for his party – but now he must win over Canada


diana magnay headshot

Diana Magnay

International correspondent

@DiMagnaySky

Mark Carney had no problem convincing the Liberal Party he was the best man for the job. 85.9% of the vote speaks for itself. Now he must convince the country.

After unparalleled experience as central bank governor, both of Canada and of the UK, albeit at different times, he has the economic wherewithal to fortify the economy against the battering Donald Trump seems intent on dealing it.

He has made it very clear he is ready for the fight to come. “In trade, as in hockey, we will win!” he told his fellow liberals to wild applause. “We’re strongest when we are united,” he told the country on X.

His conservative rivals had what seemed like an unbeatable lead in the polls until just a few short weeks ago, but Trump’s trade tariffs have rallied Canadians behind the flag and their government.

That gives Mr Carney momentum ahead of a general election that will likely come sooner rather than later. Now he must exercise the political genius to capitalise on that.

The 59-year-old will replace Justin Trudeau, who has served as prime minister since 2015.

Mr Trudeau announced he was stepping down in January after facing calls to quit from a chorus of his own MPs.

The 53-year-old’s popularity had declined as food and house prices rose. He will stay in post until Mr Carney is sworn in.

Mr Carney will soon have to decide when to call a general election – a vote must take place on or before 20 October.

In 2013, he became the first non-UK citizen to run the Bank of England since it was founded in 1694.

His appointment came after Canada recovered from the 2008 financial crisis faster than many other countries.

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‘You can’t take our country or our game’

Read more:
Trudeau steps down with his popularity in shreds
Canadian PM criticises Trump over tariffs

During leadership debates, Mr Carney argued he was the only person prepared to handle Trump.

“I know how to manage crises,” he said.

“In a situation like this, you need experience in terms of crisis management, you need negotiating skills.”

The surge in Canadian nationalism has bolstered the Liberal Party’s chances in a parliamentary election.

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World

How Donald Trump has upended millions of lives in his first 50 days in office

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How Donald Trump has upended millions of lives in his first 50 days in office

In just 50 days, Donald Trump has upended our world. He has ripped up rules, attacked allies and sided with enemies.

A country we thought for decades had our backs is no longer a reliable partner.

We travelled thousands of miles to ask what that means for our lives and millions of others – from the sweltering backstreets of Africa to the frozen wastes of Greenland and Finland’s tense border with Russia.

Donald Trumps supporters at home and abroad see him as the disruptor-in-chief who will bring peace and prosperity, putting America first.

But to many others we found he threatens chaos and a far darker future.

While Mr Trump may be challenging convention and bringing fresh thinking, his critics say he is moving too fast and erratically. His first 50 days in office, they claim, have weakened America’s place in the world and that will be exploited by rivals.

Trump 50: Kenya

Risk of resurgent epidemics in Kenya

We went first to Kenya. The focus in the West may have been on Mr Trump and Russia but in the developing world, it’s the end of US aid that is grabbing the headlines.

On the frontlines of Africa’s war on HIV we heard Mr Trump’s actions being compared to an act of “biological warfare”.

Even among allies and admirers of the American president, there is deep unease and fear about what could come next, most of all the risk of resurgent epidemics of diseases like HIV, TB, malaria, ebola, and polio.

A street in one of Kenya's poorest neighbourhoods in Nairobi
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A street in one of Kenya’s poorest neighbourhoods in Nairobi

In one of Kenya’s poorest neighbourhoods in Nairobi, we joined health workers on their rounds, down sewage-filled alleyways into cramped, overcrowded buildings.

In a one-room home, we met a young mother who is dependent on American aid. Anne is HIV positive and needs daily medication and nutritional support for both herself and her one-year-old son. She is terrified for their future because of the cut in US aid.

Anne, who is HIV positive, with her young child
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Anne, who is HIV positive, with her young child

An alleyway of one-room homes in Nairobi
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An alleyway of one-room homes in Nairobi

“I’m so worried,” she told us, “because if it carries on like this the medication could run out. When the medicine is not there, the protector of my body is not there, so anything can just pass through me.”

‘We had no warning’

Kenya received $850m (£658m) in aid a year and that has now been abruptly severed. A US Supreme Court decision against the Trump administration may restore some of that but there is complete uncertainty about what happens next.

Martha, a healthcare manager in Nairobi, spelled out what is at stake: “We had no warning. We could not prepare the households. It was so sudden.

Martha, a healthcare manager in Nairobi
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Martha, a healthcare manager in Nairobi

“We expect more death. We expect more children to die before the age of five. We expect more death for children living with HIV and it is going to be bad,” Martha said, adding that more than 20,000 children who use her organisation’s services will be affected.

90% of all US aid contracts cut

The Trump administration says the aid has been only been suspended for 90 days pending a review. But in reality, many key programmes appear to have been shut down completely.

After a 45-minute flight west of Nairobi to Kisumu, we saw what is happening away from big cities. The impact seemed just as severe.

At one provincial hospital US Agency for International Development (USAID) signs were everywhere but on doors that are now shut. It had been a hub for patients to receive their treatment but that’s now in doubt.

A health worker delivering medication in Kisumu
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A health worker delivering medication in Kisumu

Kisumu, Kenya
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Kisumu, Kenya

Staff told us there were just two months of supplies left for some medication, and less than a month for others, because there have been no more deliveries.

Patients were stockpiling drugs, said doctors, panicking for the future.

‘Biological warfare’

The US-supplied ammunition for Africa’s war against HIV, malaria, TB and other diseases is running out. It has taken decades and billions to bring them under control. The fear is of a return to epidemics not seen for years.

A sign thanking the American people in the hospital in Kisumu
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A sign thanking the American people in the hospital in Kisumu

Deliveries of medication supplied by USAID in the Kisumu hospital
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Deliveries of medication supplied by USAID in the Kisumu hospital

Eric Okioma is HIV positive and runs a charity helping others with the disease in Kisumu.

“When you look at it from a public health aspect, that’s biological warfare that’s the way I’m seeing it because from a human rights perspective, he did the wrong thing – he should not have taken it abruptly.”

Eric Okioma, who runs a charity helping others HIV in Kisumu
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Eric Okioma, who runs a charity helping others HIV in Kisumu

Mr Trump is popular among many in Kenya. His conservative stance on issues like gender and sexuality resonates in this predominantly Christian country.

But even among admirers and supporters there is deep unease about his aid cut.

Peter Gunday, a father and churchgoer, told us he agreed Kenya should be less dependent on US aid and encouraged to provide for itself – but Mr Trump’s action had been too sudden.

“He wants to make America great again… [but give an] olive branch to us even if it is only for some time.”

Peter Gunday, a churchgoer in Kisumu
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Peter Gunday, a churchgoer in Kisumu

The aid cut threatens lives and America’s standing in the world. The US has used aid to wield soft power and influence.

Read more:
US aid crisis leaves South Africans living with HIV in turmoil
What is USAID?

America in retreat

Its superpower rival China prefers building. They have lent billions for massive infrastructure projects like the new railway from Nairobi to the coast through the heart of the city’s safari park.

For Beijing it’s all leverage, applied ruthlessly to increase access to Africa’s abundant natural resources.

One of the new Chinese-built roads in Kenya
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One of the new Chinese-built roads in Kenya

Under Trump, America is unilaterally deserting that battle for power and influence. Its values and interests will inevitably suffer. Not so much America first but America in retreat.

Trump 50: Finland

Finland prepares for Russian aggression

Closer to home, it is America’s shift on security causing the greatest concern. We flew thousands of miles north to one of NATO‘s newest member countries that sits on a border with Russia.

What did people in Finland make of what Mr Trump is doing to the Western alliance they have only just joined?

We filmed with Finland‘s military on the border with Russia that was closed because of the war in Ukraine.

On Finland's border with Russia
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On Finland’s border with Russia

In sparsely populated woods, locals report sightings of Russian drones, we were told. And there has been a surge in recruits to the border guard because of the international situation.

One of them, Aku Jaeske, told us he had joined up “for the defence of our own country”.

Aku Jaeske
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Aku Jaeske

He said: “I think most of us, I think, are here because of that. It’s really hard if we have a 1,300 and something kilometre border with Russia – it’s pretty long – we have to have good men there.”

‘Bring it on’, says one Finn

What did he make of Mr Trump and what he saw on the news?

“I think it’s crazy when you turn your TV on today, you can’t know what is really happening.”

The war with Ukraine and Russia’s belligerence has sparked a boom in shooting, with hundreds of new ranges opening up in Finland to meet demand.

In a range outside Helsinki, one shooting enthusiast Jerkri told us what he thought was behind its growing popularity.

Jerkri says shooting has become popular in Finland because 'people are noticing maybe [they are] to take care of themselves'
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Jerkri says shooting has become popular in Finland because ‘people are noticing maybe [they are] to take care of themselves’

Inside one of Finland's growing number of shooting ranges
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Inside one of Finland’s growing number of shooting ranges

“The situation in Ukraine and people are noticing that maybe [they are] having to take care of themselves… think about it.”

Amateur shooters go through their paces, crisscrossing an open range at speed firing at targets dotted around the room. Patrick said he was worried by the direction of events.

“But if it did come to it… bring it on,” he said.

Patrick says 'bring it on' in response to a question on having to use his shooting skills in the future
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Patrick says ‘bring it on’ in response to a question on having to use his shooting skills in the future

In a service station, Finland’s most popular tabloid had the headline, “Trump’s 10 gifts to Putin.”

Finns were once a byword for peace-loving neutrality. They are arming up now, and watching Mr Trump’s overtures to the Kremlin warily.

Finland after all is where Mr Trump stood next to Russian President Vladimir Putin during his first term in office and infamously said he would believe him over the word of US spy agencies.

US may be deserting the West

The Finns know from their history a belligerent Russia cannot be trusted.

In Europe, the US is not just withdrawing under Donald Trump, who says the US cannot prioritise the continent’s security any longer. It looks like it may be changing sides deserting the West entirely: Cutting off aid and intelligence to Ukraine while it is pummelled by Russian rockets and drones; branding Ukraine’s leader – and not the tyrant of Moscow – a dictator; attacking close allies with tariffs; resetting relations with Russia while it continues to invade a part of Europe.

Trump 50: Greenland

‘Trump is ridiculous’, Greenlanders say

And threatening to take over its neighbours. Our journey ended in Greenland, top of the list of Mr Trump’s planned acquisitions.

Most people we spoke to were genuinely worried by him.

Nuuk, the capital of Greenland
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Nuuk, the capital of Greenland

Nuuk, the capital of Greenland

Students Aviana and Julie told us Mr Trump’s antics were alarming.

“That’s very scary actually – it seems he’s more with Russia than Ukraine. I’m really scared.”

Students Aviana and Julie said they were scared by Trump's actions
Image:
Students Aviana and Julie said they were scared by Trump’s actions

Another passerby said Mr Trump had no right to make a play for their homeland. They said: “I think it’s ridiculous that he thinks he can just take our land. We don’t have the resources to fight against the USA.”

Jurgen Boassen has become a well-known figure for having opposing views – he is outspokenly pro-Trump.

Jurgen Boassen, who is pro-Trump and is paid by MAGA groups to promote 'cultural ties' between Greenland and the US
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Jurgen Boassen, who is pro-Trump and is paid by MAGA groups to promote ‘cultural ties’ between Greenland and the US

“I think he is a great man who wants to have peace in the world,” he told us.

‘Europe is failing’

He admits he is paid by MAGA groups in America to promote “cultural ties” and believes Greenland will gradually come around to the idea of becoming closer to America.

Ice caps in Greenland
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Ice caps in Greenland

“I don’t care because they will realise I’m doing the good thing for Greenland. Europe is failing, Britain, Sweden, Belgium, Holland even Germany,” he said.

Wherever we travelled people seemed in shock. America used to believe helping others was good for America – keeping the peace in Europe, saving lives, or protecting the sovereignty of neighbours.

Read more:
Why does Trump want Greenland?
85% of Greenlanders oppose joining US, poll finds

The fear is under President Trump it is just out for itself. The idea Mr Trump could carve up the world into spheres of influence with other authoritarian leaders seems plausible. If that is the case, lesser nations like Greenland may have plenty to fear.

From what we were told on our journey, Donald Trump’s America First foreign policy risks the lives of millions, the security and sovereignty of allies, and America’s own place in the world while potentially strengthening its enemies.

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Politics

BBVA gets regulatory nod to offer Bitcoin and Ether trading in Spain

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BBVA gets regulatory nod to offer Bitcoin and Ether trading in Spain

Spain’s second-largest lender will allow its clients to buy, sell and manage cryptocurrencies on its mobile banking app.

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