Year: 2023 | Month: December | Volume 68 | Issue 4

Economic Consequences of Artificial Intelligence and Labor Automation: Employment Recovery, Transformation of Labor Markets, and Dynamics of Social Structure in the Context of Digital Transformation

Anastasiia Tokunova Viktor Zvonar Dmytro Polozhentsev Valentyna Pavlova and Yuliia Teres
DOI:10.46852/0424-2513.4.2023.15

Abstract:

Globalization, industrialization, and digitalization have led to structural changes in the economy and
labor markets, affecting their internationalization, flexibility, labor mobility, and the emergence of new
forms of employment. The purpose of the academic paper is to identify the economic consequences of
digital transformation and automation of labor markets on the example of the EU-27 countries for the
period 2013-2022. The structural-functional analysis was used in the academic paper to characterize and
systematically study the economic consequences of digitalization and automation in the labor markets
of the EU-27 countries. The functioning of the labor market in various EU-27 countries in the context of
digital transformation is characterized by a number of features. The EU-27 labor markets are characterized
by rapid employment recovery, especially during the pandemic and economic downturn in 2020, and
employment revival in 2021-2022.

Highlights

  • Changes in the labor market of the European Union, driven by globalization, industrialization, and digitalization have led to rapid employment recovery and an increase in wage levels, especially in EU member countries, along with the emergence of new forms of employment, such as telecommuting and others.
  • The implementation of digital technologies in the modern European labor market has resulted in a growing significance of higher education, the development of digital skills among workers, and the need for continuous updating of competencies through practical experience, training, and professional development.




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