As per the new study conducted by the International Monetary Fund (IMF), nearly 40% of all jobs shall be affected by AI.
40% of All Jobs to be Affected by AI
Notably, the Managing Director of IMF, Kristalina Georgieva said that “in most scenarios, AI will likely worsen overall inequality”.
She added that the policymakers should take into account the potential trouble that the technology could cause and also take measures to “prevent the technology from further stoking social tensions”.
AI has seen a massive blast and adoption and the proliferation of same has put its benefits and risks under the spotlight.
In advanced economies, AI will affect 60% of all jobs and workers are deemed to benefit from the AI as it shall enhance their productivity.
Other jobs could see a dip in demand for labour, wage reduction or even in some cases lead to elimination of the jobs.
As per the projection, AI would affect only 26% of jobs in low income countries.
Citing the potential inequality in countries, 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”.
After the adoption of AI, there might be disproportionate increase in wages of higher-income and younger workers.
IMF believes that it is the lower-income and older workers that shall be worst hit.
Countries Working on Regulations on AI
Ms Georgieva said “It is crucial for countries to establish comprehensive social safety nets and offer retraining programmes for vulnerable workers. In doing so, we can make the AI transition more inclusive, protecting livelihoods and curbing inequality.”
Post the rise of ChatGPT, AI is a topic of discussion everywhere.
Around the globe, this technology is going through regulations. In order to regulate the use of AI, European Union officials reached a provisional deal on the world’s first comprehensive laws in the last month.
Some of the world’s first national regulations on AI have been introduced by China. This includes rules related to algorithms that can be developed or deployed.
An executive order was signed by President Biden in the month of October for developer in order to share safety results relating to AI with the US government.
AI Safety Summit was hosted in UK in November. It was during this that the declaration on the safe development of the technology was signed by multiple countries.
