A new analysis by the International Monetary Fund (IMF) reveals that artificial intelligence (AI) is projected to impact nearly 40% of all jobs.
IMF’s Managing Director, Kristalina Georgieva, highlights the need for policymakers to address this trend to prevent social tensions.
While AI is expected to enhance productivity for some workers, in other cases, it may replace tasks currently performed by humans, impacting wages and job availability.
Meanwhile, the IMF projects that the technology will affect just 26% of jobs in low-income countries.
It echoes a report from Goldman Sachs in 2023, which estimated AI could replace the equivalent of 300 million full-time jobs – but said there may also be new jobs alongside a boom in productivity.
Ms Georgieva said “many of these countries don’t have the infrastructure or skilled workforces to harness the benefits of AI, raising the risk that over time the technology could worsen inequality among nations”.
More generally, 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.
“It is crucial for countries to establish comprehensive social safety nets and offer retraining programmes for vulnerable workers,” Ms Georgieva said. “In doing so, we can make the AI transition more inclusive, protecting livelihoods and curbing inequality.”
The IMF analysis comes as global business and political leaders gather at the World Economic Forum in Davos, Switzerland.
AI is a topic of discussion, following the surge in popularity of applications like ChatGPT.
The technology is facing increased regulation around the world. Last month, European Union officials reached a provisional deal on the world’s first comprehensive laws to regulate the use of AI.
China has introduced some of the world’s first national regulations on AI, which include rules concerning how algorithms can be developed and deployed.
In October, President Biden signed an executive order compelling developers to share safety results relating to AI with the US government.
