The International Monetary Fund (IMF) has issued a cautionary statement, predicting that nearly 40% of jobs worldwide will be influenced by the rise of artificial intelligence (AI). According to IMF Chief Kristalina Georgieva, advanced economies are expected to bear a more significant impact than emerging markets and low-income countries. In a blog post, Georgieva called for proactive measures from governments, emphasizing the need for social safety nets and retraining programs to counteract the potential negative effects of AI.
The blog post, released ahead of the annual World Economic Forum (WEF) meeting in Davos, Switzerland, highlighted concerns about AI exacerbating overall inequality, prompting Georgieva to call for proactive measures by policymakers. Discussions on the impact of AI on global employment are expected to be a focal point at the upcoming WEF event.
Georgieva emphasized that as AI adoption continues to grow in workplaces, both positive and negative effects on the human workforce are anticipated. The IMF’s analysis suggests that advanced economies, particularly white-collar workers, may face more profound impacts, with up to 60% of jobs influenced by AI. In contrast, emerging markets and low-income countries are projected to be affected by 40% and 26%, respectively.
The IMF chief underscored the challenge for developing countries that lack the necessary infrastructure and skilled workforce to fully harness the benefits of AI, raising concerns about the potential exacerbation of inequality over time. Georgieva also warned of the possibility of social unrest if younger, tech-savvy workers leverage AI for increased productivity, while more experienced workers struggle to adapt.
Despite these challenges, Georgieva acknowledged the opportunities for AI to enhance global productivity and increase incomes. The blog post concluded with a call to ensure that AI transforms the global economy for the benefit of humanity. The warnings come amidst the increasing integration of AI into various sectors, sparking global conversations about the future of work and the societal implications of advanced technologies.
Credit: Texts excluding Headline (The Guardian.)
