IMF Predicts 60 Percent of Advanced Economy Jobs Impacted by AI
In a recent report, the International Monetary Fund (IMF) Managing Director, Kristalina Georgieva, revealed that artificial intelligence (AI) is expected to impact a significant portion of jobs in advanced economies. According to Georgieva, approximately 60 percent of jobs in advanced economies will be affected by AI. Furthermore, emerging markets will face a 40 percent impact while low-income countries are projected to experience a 26 percent impact.
The IMF report also highlights that nearly 40 percent of global employment worldwide is exposed to the influence of AI. A staggering 50 percent of these jobs are expected to be negatively affected, while the remainder could potentially experience improved productivity gains.
Interestingly, emerging markets and developing economies are projected to face a lesser initial impact from AI. Nevertheless, they are also less likely to reap the benefits and advantages that AI can offer. This imbalance could exacerbate the existing digital divide and income disparities between countries.
One group of individuals particularly vulnerable to the changes brought about by AI are older workers. The IMF emphasizes the need for policy prescriptions to address these concerns. It further recommends focusing on assisting low-income countries in leveraging the opportunities presented by AI.
Despite the potential challenges, Georgieva urges a proactive approach to embracing AI, emphasizing that it represents a tremendous opportunity for everyone. By adopting the right policies and strategies, individuals and countries can harness the power of AI to drive growth and development.
As the world progresses into the era of AI, it is essential for governments, organizations, and individuals to find the right balance between reaping the benefits of AI and mitigating its potential negative impacts. The IMF’s report serves as a wake-up call for all stakeholders to consider the implications of AI on jobs and income disparities, and take appropriate measures to ensure a sustainable and inclusive future.
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