The International Monetary Fund (IMF) recently completed an examination. It highlighted that the profound influence of artificial intelligence has the potential to disrupt roughly 40% of all jobs.
The IMF’s Managing Director, Kristalina Georgieva, expressed concerns about the possible fallout from the deployment of AI. She argues that the majority of the time, increasing AI use will exacerbate existing inequalities.
As unchecked AI deployment has the potential to exacerbate societal tensions and inequality, Georgieva highlights the imperative for politicians to take action in response to this concerning trend.
Artificial intelligence is growing rapidly, which has generated a great deal of discussion and analysis on both its advantages and disadvantages.
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The impact of AI on employment is predicted to be much more significant in advanced nations, accounting for an estimated 60% of jobs, according to the IMF’s most recent analysis. Employee productivity and job capacities will be improved by AI integration in around half of these scenarios.
AI will, however, be able to fill essential positions that people in other situations have historically filled. This change in the dynamics of labor may lead to a decline in the need for human work, which could impact salaries and, in certain situations, result in job displacement.
On the other hand, according to IMF forecasts, low-income countries might be less affected by AI, with just about 26% of occupations in these areas expected to be affected.
Ms. Georgieva states, “Since many of these nations lack the infrastructure and trained labor to utilize AI fully, there is a chance that the technology will eventually make international inequity worse.”
According to a Goldman Sachs forecast from 2023, artificial intelligence may eventually replace 300 million full-time employees. This analysis is consistent with that projection. The research did, however, also highlight the potential for the creation of new employment possibilities in tandem with a notable rise in productivity.
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