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The Job Market Goes Beyond Technology: Meet the Profession of Economist.
We are moving closer to a future driven by technology and artificial intelligence. While some professions will succumb, others that have served humanity for centuries will gain even more strength in the globally transformed job market. One of these professions is that of an economist!
Economists in the Context of Artificial Intelligence
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At the World Economic Forum in Davos, Switzerland, concerns about the development of artificial intelligence and the replacement of labor by AI were highlighted. According to a study by the IMF, about 60% of jobs in advanced economies are exposed to artificial intelligence. In emerging economies, this exposure is 40%, and in low-income countries, it is 26%. These numbers underscore not only the inevitability of automation in many sectors but also the growing need for skills that only humans can offer.
Despite technological changes, international trade and the urgency of the climate crisis, recurring themes, show that human intervention will be essential in the next decade. Economists will play a crucial role in environmental, social, and economic advocacy, regardless of the sector.
The Role of Economists in Society
Economists play a vital role in interpreting complex data and formulating economic policies that directly impact the well-being of societies. Their ability to discern between raw data and social implications is essential for guiding sustainable decisions. Sandro Maskio, a professor of economics at Strong Business School, states that the market offers more positions for economists than universities can produce. With demand exceeding supply, salaries are high, placing economists among the ten highest-paid professions in Brazil.
Analyzing data from the Annual Social Information Report of the Ministry of Labor for 2021 and 2022, there was an increase of 90,284 workers in occupations related to the role of the economist in the formal job market in the country. During the same period, there was an increase of about 9,000 specific positions for economists who are trained and professionally registered. This significant increase in positions reflects Brazil’s economic recovery post-Covid-19 pandemic. Maskio predicts that in the coming years, the profession of economist will gain even more space due to the demand for rapid analysis and efficient management in a competitive market.
Future Predictions and Demands
Predicting the exact number of job vacancies for economists in Brazil over the next decade is challenging due to variables such as economic conditions, government policies, technological advancements, and changes in the job market. However, with economic growth and the ongoing need for specialized guidance, the demand for economists should remain strong.
Economists are employed in various sectors, including government, financial institutions, consulting firms, private companies, and international organizations. Demand may vary according to the performance of these sectors. Maskio emphasizes that for the new generation of economists, mastering technological tools like Power BI, programming in R and Python is essential. Skills in big data analysis, artificial intelligence, and digital economics are competitive differentiators in the job market.
Conclusion
In summary, the demand for economists follows the economic context and the needs for analysis and strategic planning, which are increasingly pressing in societies and businesses. Professionals who keep up with changes and adapt have good job prospects. Therefore, although artificial intelligence transforms the economic and social landscape, economists will not only remain relevant but will become even more indispensable in building an equitable and sustainable future.
About Strong Business School
Strong Business School, with over 25 years in the market and four campuses in Greater São Paulo, offers courses in Economics, Business Administration, Accounting, Law, and Advertising and Marketing. Affiliated with FGV, the school has PhD professors, international researchers, statistics centers, and partnerships with the largest universities in Europe and the United States.
Source: Katia Marchena.
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