IMF Says near 40% of employment will be affected by AI
The International Monetary Fund (IMF) warns that the widespread adoption of artificial intelligence (AI) is expected to impact nearly 40% of jobs worldwide, and this may increase global inequality.
In a blog post on Sunday, IMF Chief Kristalina Georgieva urged governments to implement social safety nets and initiate retraining programs as essential measures to mitigate the repercussions of artificial intelligence (AI).
"In anticipation of the annual World Economic Forum (WEF) meeting in Davos, IMF Chief Kristalina Georgieva highlighted the likelihood of artificial intelligence (AI) increasing global inequality . Emphasizing her concern, she urged proactive policymaking to prevent AI from escalating social tensions.
Sam Altman, the CEO of OpenAI, the creator of ChatGPT, along with his major supporter, Microsoft CEO Satya Nadella, is scheduled to speak at the event later this week. They are part of a program that features a Tuesday debate on "Generative AI: Steam Engine of the Fourth Industrial Revolution?"
In her blog, Georgieva pointed out that as artificial intelligence (AI) becomes more widely adopted by workers and businesses, it is anticipated to have both positive and negative impacts on the human workforce.
Reiterating concerns raised by other experts, Georgieva emphasized that the anticipated effects of AI are likely to have a more profound impact on advanced economies compared to emerging markets. White-collar workers are deemed to be more vulnerable than manual laborers in the face of AI advancements.
In more advanced economies, the influence of AI could extend to as much as 60% of jobs, with around half of them potentially benefiting from the increased productivity facilitated by AI.
The remaining half of jobs in advanced economies could face challenges as AI take over essential tasks currently handled by humans. This shift may result in decreased demand for labor, lower wages and diminished hiring of workers.
She raised concerns the increased social unrest due to the adoption of AI, particularly if younger and less experienced workers leverage the technology to boost their productivity, creating a disparity with more senior workers who may struggle to adapt.
AI took center stage at the WEF in Davos last year, spurred by the widespread popularity of ChatGPT. This chatbot sensation, driven by generative AI, has created discussions on its potential to reshape global work dynamics by showcasing its capability to compose essays, speeches, poems, and other abilities.
She also pointed out the possibilities for increasing global output and incomes through the application of AI.