IMF predicts artificial intelligence impact on 40% of jobs globally
text_fields
Washington: The International Monetary Fund (IMF) has released a report indicating that nearly 40% of jobs worldwide will be affected by artificial intelligence (AI).
The findings, shared by IMF Managing Director Kristalina Georgieva, emphasise that advanced economies will witness AI influencing 60% of jobs.
In an interview in Washington, Georgieva asserted, "And the more you have higher skilled jobs, the higher the impact."
The IMF report highlights a dual impact, with approximately half of the jobs affected by AI facing negative consequences, while the rest may experience enhanced productivity and income growth, reported AFP.
The anticipated influence of AI is expected to be less pronounced in developing countries. Georgieva mentioned, "40% of jobs globally are likely to be impacted." However, the report indicates that emerging markets and developing economies may see a smaller initial impact but are less likely to benefit significantly from enhanced productivity.
The IMF chief stressed the need to support low-income countries to seize the opportunities presented by AI. Despite acknowledging the potential challenges, Georgieva said, "So artificial intelligence, yes, a little scary. But it is also a tremendous opportunity for everyone."
The IMF is set to release updated economic forecasts, and Georgieva expressed optimism about the global economy meeting previous predictions. However, she cautioned that 2024 could be a challenging year for fiscal policy worldwide.
The aftermath of the COVID-19 pandemic, coupled with numerous elections in about 80 countries, poses challenges for managing debt burdens and maintaining fiscal discipline.
Georgieva warned against potential pitfalls, stating, "If monetary policy tightens and fiscal policy expands, going against the objective of bringing inflation down, we might be for a longer ride."
Amidst discussions about global economic challenges and the impact of AI, Georgieva refrained from commenting on her potential candidacy for a second term at the IMF. She asserted, "I have a job to do right now, and my concentration is on doing that job."