WEF’s Future of jobs report unveils Pakistan’s dynamic job landscape

Ijaz Kakakhel

The World Economic Forum, on Monday, released the Future of Jobs Report 2023. The Future of Jobs report is a comprehensive analysis of the changing landscape of employment, focusing on emerging trends, technologies, and skills required for the workforce in the coming years.

The Report gives a comprehensive evaluation of Pakistan’s performance and data related to the Future of Jobs in 2023 and how the job market will unfold in the next 5-7 years. The Report predicts that 23% of jobs are expected to change by 2027, with 69 million new jobs created and 83 million eliminated, and the green transition and localization of supply chains will lead to net job growth.

The report estimates that cognitive skills such as analytical and creative thinking will be the most important for workers in 2023 and the next five years, and companies’ skills strategies will focus on AI and big data specifically. The report also suggests that while reskilling and upskilling towards green skills is growing, it is not keeping pace with climate targets.

The report delves into key aspects, such as global trends and technologies, role outlooks, core skills, and workforce strategies, to provide a holistic view of the job market landscape in the country. The findings highlight Pakistan’s strengths and areas for improvement as it navigates the rapidly changing global job market.

The working-age population in Pakistan is a notable 85.78 million, which signifies a vast pool of potential talent. The country’s labor force participation rate stands at 57%, with 55% of the workforce in vulnerable employment. However, the unemployment rate remains relatively low at 5%.