Artificial Intelligence Could Disrupt 40% Of Global Jobs, IMF Warns

The International Monetary Fund has warned that almost 40% of jobs around the world could be affected by the rise of artificial intelligence (AI).

According to the IMF, this trend could deepen inequality across the globe, a phenomenon that has been cautioned against.

Kristalina Georgieva called for governments to establish social safety nets and offer retraining programs to counter the impact of AI.

In a new report, the IMF warned that AI’s consequences for society remain difficult to foresee, but the technology is likely to exacerbate income and wealth inequality.

“In most scenarios, AI will likely worsen overall inequality, a troubling trend that policymakers must proactively address to prevent the technology from further stoking social tensions,”

The growth in Artificial Intelligence is putting many jobs at risk as the invasion of new AI tools continue to render hitherto functions performed by human being to be performed by robots.

“For the other half, AI applications may execute key tasks currently performed by humans, which could lower labor demand, leading to lower wages and reduced hiring,” wrote Georgieva, citing the IMF’s analysis.

“In the most extreme cases, some of these jobs may disappear.”

Ms Georgieva also warned that most developing countries could miss out on the new trend as their countries are not up to speed with technology.

“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,” noted Georgieva.

“AI will transform the global economy,” she wrote. “Let’s make sure it benefits humanity.”

While automation and IT have often affected routine tasks, she explained that AI is unusual because of its ability to impact well-paid careers.

“Jobs that require nuanced judgment, creative problem-solving, or intricate data interpretation – traditionally the domain of highly educated professionals – may now be augmented or even replaced by advanced AI algorithms,” the IMF report says.