The pandemic has accelerated technology adoption by businesses and consumers, turbocharging demand for cloud computing and e-commerce services, while squeezing companies that can't serve their customers online.
Workers unable to work from home, either because their jobs require face-to-face interaction or because they have limited internet access, have also been severely disadvantaged.
"Efforts to support those affected by the current crisis lag behind the speed of disruption," WEF founder Klaus Schwab and board member Saadia Zahidi said in the preface to the report. "We find ourselves at a defining moment: the decisions and choices we make today will determine the course of entire generations' lives and livelihoods," they added.
According to the WEF report, a shift in the division of labor between humans and machines could displace an estimated 85 million jobs by 2025, while giving rise to 97 million new roles.
Jobs set to be increasingly redundant include administrative assistants, bookkeepers and payroll clerks, while positions in growing demand include those in the green economy, roles at the forefront of data and artificial intelligence, as well as new jobs in engineering, cloud computing and product development.
An expected increase in jobs in marketing, sales and content production, as well as roles requiring an aptitude for working with people from different backgrounds "showcase the continuing importance of human interaction in the new economy," the report added.
Some workers whose jobs are vulnerable may be able to move into new careers, according to the report, which found that 94% of businesses surveyed expect employees to pick up new skills on the job.
Skills in high demand
Critical thinking, analysis and problem solving remain among the top skills that the world's largest companies see as rising in importance over the next five years.
Companies are increasingly investing in retraining existing employees. The report projects that half of workers who remain in their roles will need to learn new skills to perform their jobs effectively in an increasingly automated world.
New skills the companies highlighted that speak to how the pandemic has disrupted daily life include stress tolerance, resilience and flexibility.
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