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Thursday, April 18, 2024

IMF Analysis: Rise of AI to Enhance or Eliminate 60% of Jobs

'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...'

(Eli Pacheco, Headline USA) A recent report from the International Monetary Fund revealed that artificial intelligence impacts 60% of jobs in nations with advanced economies and poses a threat to eliminating about half of those.

IMF, a lender of last resort to national governments, supports exchange-rate stability. It uses a quota system to offer funds to lend to countries experiencing issues with balance of payments.

AI impacts 40% of jobs in emerging-market countries, the report revealed.

The report said AI can execute tasks that humans do in half of the 60% of jobs in advanced economies. As a result, this trend threatens labor demand, wages, and hiring frequency, and AI could eliminate some of these jobs.

AI boosts productivity in the other half of jobs, mainly automation and information technology. According to the report, AI affects 26% of jobs in low-income nations.

It remains to be seen what the balance of AI’s influence on jobs will wind up, said IMF managing director Kristalina Georgieva. 

“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 said.

Global experts such as billionaire Elon Musk have warned about AI’s destructive potential in an unregulated state. Additionally, the Biden administration appropriated $140 million to fund seven new AI research groups. 

IMF’s AI Preparedness Index measures readiness in key areas, such as:

  • Digital infrastructure
  • Human-capital and labor-market policies
  • Innovation and economic integration
  • Regulation and ethics

IMF used the index to evaluate how ready 125 countries were for AI’s impact. Affluent economies, including advanced and certain emerging markets, adapted better to AI than poorer economies, although readiness varied by country. Denmark, Singapore, and the United States ranked highest, with top marks in all categories.

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