The IMF director told AFP that although artificial intelligence posed concerns to job security throughout the world, it also offers a "tremendous opportunity" to increase declining productivity levels and propel global development.

Kristalina Georgieva, managing director of the international Monetary Fund, said in an interview in Washington soon before leaving for the annual World Economic Forum in Davos, Switzerland, that artificial intelligence will touch 60 percent of jobs in industrialised nations.

With AI projected to have less influence in underdeveloped nations, she stated that "40 percent of jobs globally are likely to be impacted," citing a new IMF research.

"And the more you have higher skilled jobs, the higher the impact," she said.

However, according to an IMF assessment released on sunday evening, only half of the employment affected by AI would be negatively impacted; the remainder may profit from increased productivity increases as a result of AI.

"Your job may disappear altogether -- not good -- or artificial intelligence may enhance your job, so you actually will be more productive and your income level may go up," she added.

UNEVEN EFFECTS
According to the IMF assessment, while AI will have a lesser initial impact on labour markets in emerging markets and developing countries, they are also less likely to gain from increased productivity as a result of its integration in the workplace.

"We must focus on helping low income countries in particular to move faster to be able to catch the opportunities that artificial intelligence will present," Georgieva was quoted as saying by AFP.

"So, artificial intelligence is a bit terrifying. But it's also a fantastic chance for everyone," she explained.

The IMF is set to provide new economic predictions later this month, which will indicate that the global economy is on pace to fulfil prior projections, she added.
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G GOWTHAM

15/01/2024 12:14 PM