AI threatens job worldwide – IMF

Lazy eyes listen


The advent of artificial intelligence (AI) could threaten nearly 40% of jobs worldwide, with high-income economies more vulnerable than emerging markets and low-income ones, according to a new IMF assessment.

In a blog post over the weekend, IMF chief Kristalina Georgieva urged nations to address the “troubling trend” and take preemptive measures “to prevent the technology from further stoking social tensions.”

“We are on the verge of a technology revolution that has the potential to enhance productivity, global growth, and incomes around the world. However, it may potentially displace jobs and exacerbate inequality,” Georgieva added.

According to the paper, while automation and information technology have traditionally affected ordinary tasks, AI has the potential to harm jobs that require highly qualified personnel. According to the IMF, mature economies face larger threats from AI, as well as more chances to capitalise on its benefits, than emerging and developing economies.

According to the paper, AI has the potential to affect around 60% of jobs in advanced economies. However, the IMF stated that almost half of the vulnerable positions could benefit from AI integration, hence increasing productivity. For the other half, AI applications may “execute key tasks currently performed by humans,” thereby reducing labour demand and resulting in lower pay and employment. In extreme circumstances, some of these jobs may disappear entirely, Georgieva warned.