Last Updated on January 15, 2024 by SPN Editor
In a recent interview conducted in Washington, the Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva, drew attention to the potential impact of Artificial Intelligence (AI) on global employment. During the interview, the IMF Chief emphasized the dual nature of AI’s impact on employment. Jobs may either vanish entirely, raising concerns or, conversely, AI could elevate job roles, resulting in increased productivity and higher income levels for individuals, as conveyed to the Agency.
The IMF Chief cited a new IMF report that reveals advanced economies and certain emerging markets are expected to witness a substantial upheaval, affecting 60 percent of their jobs. For emerging markets, this figure drops to 40 percent, and for low-income countries, it is even lower at 26 percent. The comprehensive report indicates that nearly 40 percent of jobs worldwide are exposed to the influence of AI.
The IMF Chief report delineates that approximately half of the jobs affected by AI will face negative consequences, while the remainder may experience positive outcomes through enhanced productivity gains facilitated by AI advancements.
Despite projections indicating a lesser initial impact on emerging markets and developing economies, the IMF report suggests these regions are less likely to benefit from the advantages brought about by AI. This potential scenario raises concerns about widening the existing digital divide and income disparities between countries. The report further underscores that older workers are particularly vulnerable to the transformative changes ushered in by AI.
Georgieva underscored the imperative of implementing policy measures to address these challenges. She stressed the need to focus on supporting low-income countries, particularly in expediting their ability to seize the opportunities presented by artificial intelligence.
IMF Chief also acknowledged the inevitability of AI and encouraged a positive approach toward its integration. Despite the apprehensions surrounding artificial intelligence, she views it not only as potentially intimidating but also as a tremendous opportunity for everyone. The IMF report signals a call for strategic planning and global collaboration to navigate the complexities of the evolving job landscape in the era of AI.