MASSIVE JOB SLASHES PREDICTED WITH THE RISE OF ARTIFICIAL INTELLIGENCE

A survey by PwC reveals that 25% of global CEOs expect job cuts of at least 5% this year due to the deployment of generative artificial intelligence (AI).

Industries such as media, entertainment, banking, insurance, and logistics are most likely to experience job losses, while engineering, construction, and technology firms are less likely to face cuts.

The survey, based on interviews with 4,702 company leaders across 105 countries, indicates that 46% expect generative AI to boost profitability in the next 12 months, while 47% believe it will bring little or no change.

Executives express concerns about cyber security and disinformation as the main risks associated with AI. The study also highlights a shift in executive concerns from macroeconomic challenges to disruptive forces within their industries.

The survey reflects a growing number of executives planning to deploy generative AI, with 32% reporting adoption in the past year. Additionally, there is optimism about economic growth in 2024, though concerns about inflation have decreased, and cyber risks remain a top worry.

Source: PhilNews24 | January 17, 2024

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