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Sun. Apr 21st, 2024

The International Monetary Fund (IMF) has projected that artificial intelligence (AI) is poised to impact nearly 40% of the global job market.

Kristalina Georgieva, the Managing Director of the IMF, expressed concern, stating that, in most scenarios, the widespread adoption of AI is likely to worsen overall societal inequality. Georgieva urged policymakers to address this “troubling trend” to prevent technology from further escalating social tensions.

The IMF’s report indicates that the influence of AI on jobs will be more pronounced in advanced economies, where approximately 60% of jobs are expected to be affected. While some workers may benefit from increased productivity due to AI integration, the technology’s ability to perform tasks currently executed by humans poses a threat to employment, potentially impacting wages and leading to job losses.

Contrastingly, the IMF projects a lower impact on jobs in low-income countries, at around 26%. Georgieva emphasized that many of these nations lack the necessary infrastructure and skilled workforce to harness the benefits of AI, raising concerns that the technology could exacerbate inequality among nations over time.

The IMF underscores potential disparities in the impact of AI adoption, suggesting that higher-income and younger workers may experience a disproportionate increase in wages, while lower-income and older workers could face challenges keeping pace. Georgieva stressed the importance of countries establishing comprehensive social safety nets and implementing retraining programs to ensure an inclusive AI transition, safeguarding livelihoods and mitigating inequality.

As global business and political leaders convene at the World Economic Forum in Davos, Switzerland, AI remains a prominent topic of discussion. The surge in popularity of applications like ChatGPT has prompted increased global scrutiny, leading to efforts to regulate AI technology. The European Union, for instance, recently reached a provisional deal on comprehensive laws to regulate AI, with the European Parliament set to vote on the AI Act proposals early this year. Meanwhile, the US, UK, and China have yet to publish their own AI guidelines, leaving the global community at a critical juncture in navigating the challenges and opportunities presented by artificial intelligence.

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