The International Monetary Fund (IMF) has cautioned that Artificial Intelligence will impact 40 percent of jobs worldwide, potentially exacerbating global and societal inequality. The IMF predicts a "technological revolution" driven by AI, which will have a more pronounced effect on advanced economies, leading to the replacement and complementing of high-skilled jobs.
“In this evolving landscape, advanced economies and more developed emerging markets need to focus on upgrading regulatory frameworks and supporting labour reallocation, while safeguarding those adversely affected,” stated a report from the financial organisation, which was published.
The International Monetary Fund (IMF) suggests that emerging market and developing economies should focus on building digital infrastructure and enhancing digital skills. In advanced economies, approximately 60 percent of roles will be influenced by AI, with about half of the workforce benefiting from AI integration, potentially leading to increased productivity. However, the remaining workers might experience lower salaries, reduced hiring, and, in extreme cases, job disappearance.
Kristalina Georgieva, the IMF’s managing director, said the impact of AI is unusual in that it can also impact well-paid jobs.
“Historically, automation and information technology have tended to affect routine tasks, but one of the things that sets AI apart is its ability to impact high-skilled jobs,” she said.
The IMF is concerned that advanced economies can adopt AI more quickly and harness its benefits more than developing nations, and also warned about the impact within societies and communities.