AI Will Affect 40% Of All Jobs

Uploaded on 2024-01-17 in TECHNOLOGY-Key Areas-Artificial Intelligence, TECHNOLOGY--Developments, NEWS-Cybersecurity News, FREE TO VIEW

Artificial Intelligence (AI) is set to change nearly 40% of all jobs around the world, replacing many and adding to others, according to a Report by the International Monetary Fund (IMF). AI is the term for computer systems that can perform tasks usually associated with human levels of intelligence, which the IMF Report says is poised to profoundly change the global economy with advanced economies at greater risk of disruption.

AI will affect many types of jobs and it is very important that countries build social safety nets to mitigate the impact on vulnerable workers.

The IMF analysis comes as global business and political leaders gather at the World Economic Forum in Davos, Switzerland. “We are on the brink of a technological revolution that could jumpstart productivity, boost global growth and raise incomes around the world. Yet it could also replace jobs and deepen inequality,” says IMF's managing director Kristalina Georgieva about the recent report and she says "in most scenarios, AI will likely worsen overall inequality".

“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,” the IMF Repor states.

According to the IMF's conclusions, AI is likely to affect a greater proportion of jobs, estimated to be as much as at 60% in advanced economies. In half of these instances, workers can expect to benefit from the integration of AI, which will enhance their productivity. In other instances, AI will have the ability to perform key tasks that are currently executed by humans. This could lower demand for labour, affecting wages and even eradicating jobs.

Furthermore, the IMF projects that the technology will affect just 26% of jobs in low-income countries and in
general, higher-income and younger workers may see a disproportionate increase in their wages after adopting AI. Lower-income and older workers could fall behind, the IMF believes.

The report said workers in the UK, with its high proportion of graduates, might be better prepared to switch from jobs at risk of displacement to “high complementarity” jobs, although older workers may struggle to adapt and move to new jobs or retrain. The UK is said to be amongst the countries that is best prepared for the disruption AI will bring - based on digital infrastructure and the education of its workforce.

AI will be a hot topic for discussion in Davos, due not least to the popularity of new applications like ChatGPT, hailed by some as the most most important technology advance in decades.

The EU has already agreed an initial legal framework on the worlds’s first reime to regulate the use of AI.

China has introduced national regulations on AI, which include rules concerning how algorithms can be developed and deployed.

In October 2023, President Biden signed an executive order compelling developers to share safety results relating to AI with the US government. In November the UK hosted an AI Safety Summit, at which a declaration on the safe development of AI was signed by multiple countries.

IMF: IMF: CNN: Sky: BBC: Guardian: Independent: Image: Nguyen Dang Hoang Nhu

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