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Technology: AI may affect 40% of jobs globally, says IMF

Technology: AI may affect 40% of jobs globally, says IMF

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Virendra Pandit 

 

New Delhi: Artificial Intelligence (AI), the technology monster, may affect almost 40 percent of global jobs, according to the International Monetary Fund (IMF).

According to an IMF analysis, AI will affect more than one-third of global jobs with advanced economies facing greater exposure than emerging markets and low-income countries, the media reported on Monday.

“In most scenarios, AI will likely worsen overall inequality, a troubling trend that policymakers must proactively address to prevent the technology from further stoking social tensions,” IMF Managing Director Kristalina Georgieva said in a blog post on the study.

AI’s income inequality effect will largely depend on how much this technology complements high earners. More productivity from high-income workers and companies would boost capital returns, widening the wealth gap, she said.

Countries should provide “comprehensive social safety nets” and retraining programs for vulnerable workers, the IMF chief said.

While AI could potentially replace some jobs fully, the more likely scenario is that it might complement human work. More than emerging and low-income countries, advanced economies may have about 60 percent of jobs affected.

Georgieva’s observation on AI coincides with the meeting of global business and political leaders at the World Economic Forum in Davos, Switzerland, where AI is a topic of discussion.

Companies have been throwing cash at emerging technology, sometimes sparking concern among employees about the future of their roles.

The European Union reached a tentative deal in December 2023 on legislation setting out safeguards on AI, while the US is still weighing its federal regulatory stance.

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