Davos: Due to the prevalence of artificial intelligence (AI), job risks are escalating worldwide and in the near future Artificial Intelligence will affect 40% of jobs worldwide, warns the Head of the International Monetary Fund (IMF).
According to international news agencies, Kristalina Georgieva, the head of the World Monetary Fund (IMF) has warned that the speed at which the use of artificial intelligence (AI) will adversely affect at least 40% of jobs worldwide. The impact will be most pronounced in the developed world where employment opportunities will be significantly impacted.
While departing from Washington for participation in the annual World Economic Forum in Switzerland, the IMF head, emphasized the need for individuals to be prepared for the termination of their jobs. she stated that while artificial intelligence has the potential to enhance an individual’s earning capabilities, it can also eliminate jobs through technological advancements.
The IMF head mentioned that those benefiting the most from artificial intelligence are creating new avenues for income. However, she also cautioned that this technology could pose challenges to employment due to its extraordinary project complexity and practical wisdom. She suggested that in most scenarios, AI could exacerbate global inequality,
Georgieva stated that in the hands of artificial intelligence, advanced economies face higher AI-related risks. There is a risk of putting 60% of jobs at stake in developed nations. While half of these jobs may benefit from AI integration, the other half could face challenges as AI takes over certain tasks, potentially leading to lower wages, reduced hiring, and in extreme cases, job disappearance.
While in the developing world, 40% of jobs are under threat due to artificial intelligence. Jobs requiring exceptional skills are at a higher risk, as artificial intelligence makes complex tasks easier to perform. However, emerging markets and low-income countries face fewer immediate disruptions from AI, with exposure rates of 40% and 26%, respectively. However, their lack of infrastructure and skilled workforces may hinder their ability to harness AI benefits, potentially exacerbating global inequality over time.
The impact of AI extends beyond national borders, potentially widening income and wealth inequality within countries. Experts say that policymakers must proactively address these challenges by establishing comprehensive social safety nets and offering retraining programs for vulnerable workers. The IMF’s AI Preparedness Index provides a framework to assess countries’ readiness for AI adoption, emphasizing the need for robust regulatory frameworks and investments in digital infrastructure and workforce competency.
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