- IMF analysis signals AI’s impending influence on 40% of worldwide jobs.
- Inequality risks underscored, especially with potential disparities.
- Urgent call for policymakers to institute social safety nets.
International Monetary Fund (IMF) has raised concerns about the impact of artificial intelligence (AI) on the global job market, stating that nearly 40% of all jobs worldwide are at risk of being affected by AI. The report, released by IMF Managing Director Kristalina Georgieva, suggests that the widespread adoption of AI could exacerbate overall inequality, particularly in advanced economies.
Georgieva emphasized the need for policymakers to address this “troubling trend” to prevent AI technology from further widening social disparities. The analysis indicates that AI is likely to have a more significant impact on jobs in advanced economies, with approximately 60% of these jobs being susceptible to AI-related changes. While some workers may benefit from increased productivity due to AI integration, others could face the risk of job displacement as AI takes over tasks currently performed by humans.
The IMF predicts that the effects of AI on jobs will be less pronounced in low-income countries, with only 26% of jobs expected to be impacted. However, Georgieva pointed out that these countries may face challenges in harnessing the benefits of AI due to inadequate infrastructure and skilled workforces, potentially widening the inequality gap between nations.
The report aligns with previous estimates, such as Goldman Sachs’ projection that AI could replace the equivalent of 300 million full-time jobs. Despite the potential for new job creation and increased productivity, concerns persist about the unequal distribution of benefits, with higher-income and younger workers likely to see disproportionate wage increases compared to their lower-income and older counterparts.
Georgieva stressed the importance of establishing comprehensive social safety nets and retraining programs for vulnerable workers to make the AI transition more inclusive and protect livelihoods. The IMF’s analysis comes at a time when AI is a prominent topic of discussion among global business and political leaders, especially at events like the World Economic Forum in Davos.
As AI faces increased scrutiny and regulation worldwide, the IMF report adds to the growing awareness of the need for responsible and inclusive AI development. Recent initiatives, such as the European Union’s comprehensive AI regulations and the United States’ executive order on AI safety, indicate a global effort to manage the impact of AI on the workforce and society at large.
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