Artificial intelligence could replace 40% of jobs – IMF warns
The IMF has predicted that technological developments could lead to almost 40% of jobs worldwide being replaced by artificial intelligence.
This was reported by the International Monetary Fund (IMF).
On Sunday, January 14, IMF chief Kristalina Georgieva called on governments to create social safety nets and offer retraining programs to counter the impact of artificial intelligence.
“In most scenarios, artificial intelligence is likely to worsen overall inequality, a worrisome trend that policymakers must actively address to prevent further social tensions from being fueled,” she wrote ahead of the World Economic Forum in Davos, Switzerland, where the topic will be high on the agenda.
Georgieva noted that as artificial intelligence continues to be used by more and more workers and businesses, it is expected to both help and harm the human workforce.
In addition, Georgieva echoed previous warnings from other experts, noting that the effects are expected to be more severe in developed economies than in emerging markets, in part because office workers are considered more at risk than workers performing physical labor.
According to her, in more developed countries, artificial intelligence could affect 60% of jobs. Approximately half of them can benefit from how AI can improve productivity.
“For the other half, AI applications could perform key tasks currently performed by humans, which could reduce labor demand, leading to lower wages and fewer hires,” Georgieva said, citing IMF analysis. – “In the most extreme cases, some of these jobs could disappear.
In emerging and low-income countries, AI is expected to affect 40% and 26% of jobs, respectively.
Georgieva warned that the use of artificial intelligence could increase the likelihood of social unrest, especially if younger, less experienced workers use the technology to increase their productivity, while older workers try to keep up.
However, according to Goldman Sachs economists in March 2023, widespread adoption of AI could ultimately boost labor productivity and increase global GDP by 7% annually over the next 10 years.
Georgieva also pointed to opportunities to increase production and revenues worldwide through the use of AI.
“AI is transforming the global economy,” she wrote. – Let’s make sure it benefits humanity.”
