TLDR:
- About 40% of global jobs will be affected by AI, according to the IMF.
- Advanced economies will be more affected than emerging markets and developing economies.
The International Monetary Fund (IMF) has predicted that artificial intelligence (AI) will impact roughly 40% of jobs worldwide. IMF Managing Director Kristalina Georgieva stated that advanced economies would face greater risks from AI compared to emerging market and developing economies. This is due to AI’s ability to impact high-skilled jobs. In advanced economies, around 60% of jobs may be affected by AI.
Georgieva explained that while roughly half of the exposed jobs may benefit from AI integration, enhancing productivity, the other half may see AI applications replacing key tasks currently performed by humans. This could reduce labor demand, leading to lower wages and reduced hiring. In extreme cases, some jobs may even disappear. On the other hand, emerging markets and developing economies are expected to face fewer immediate disruptions from AI.
Despite this, Georgieva urged policymakers to address potential inequality and social tensions caused by AI. She suggested that countries put in place comprehensive social safety nets and offer retraining programs for vulnerable workers. The IMF is not alone in sounding warning calls on AI, with other organizations like Goldman Sachs also predicting that AI could disrupt hundreds of millions of jobs.
This article highlights the significant impact of AI on the global job market and focuses on the differentiated effects between advanced economies and emerging markets. It emphasizes the need for policymakers to address potential inequality and social tensions arising from AI and proposes the implementation of safety nets and retraining programs to support workers affected by AI-driven job disruptions.