Recession & AI Jobs: What It Implies for Next-Gen Professionals?
Recession paints quite a scary picture. Combine it with AI — it becomes a lethal combo!
Why?
Both pose a threat to our jobs. Or do they?
Interestingly, Artificial intelligence has already changed the global economy and is believed to be adding on 16%, which is nearly $13 trillion to the current global economic output by 2030.
Despite technology advancements and the hype going around, it is still quite challenging to answer some of the questions like — are we heading towards recession?
According to a recent report of strong job growth, it is said that the economy in the U.S. may be at their peak employment. But is it? The fact that artificial intelligence has made it widely publicized over the impacts of automation on jobs to be overblown, yet the cloud of the next economic constraints is slowly gathering. Some economists say that the recession might have an early peak this year, while some say it may take a year or two.
Employment, Underemployment & Unemployment — Woes of Workforce!
The statistics say that the current economy is at its full employment.
But is it really?
Unemployment may be at the lowest presently, but underemployment is far higher.
In the short run, AI is going to destroy jobs but will create more jobs than it destroys. A report from the World Economic Forum estimated that about 75 million jobs will be displaced by 2020 and about 133 million jobs will be generated.