AI: A catalyst for transforming the global economy. Let’s ensure humanity reaps the rewards.

January 29, 2024
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AI: A catalyst for transforming the global economy. Let’s ensure humanity reaps the rewards.

In an insightful analysis, IMF experts delve into the potential impact of AI on the worldwide job market. Numerous studies have foreseen the possibility of AI replacing human workers. However, it’s important to note that AI can also complement human skills in many cases. The IMF’s analysis takes into account both sides of this coin.

The findings are remarkable: nearly 40 percent of global employment faces exposure to AI. While automation and information technology have traditionally affected routine tasks, AI stands out for its ability to impact even high-skilled jobs. Consequently, advanced economies face greater risks but also have more opportunities to harness the benefits of AI compared to emerging markets and developing economies.

In advanced economies, around 60 percent of jobs may be influenced by AI. Approximately half of these jobs could benefit from integrating AI, leading to enhanced productivity. However, the other half might witness AI taking over key tasks currently performed by humans, potentially reducing labor demand, wages, and hiring. In extreme cases, certain jobs may vanish altogether.

https://www.imf.org/en/Blogs/Articles/2024/01/14/ai-will-transform-the-global-economy-lets-make-sure-it-benefits-humanity

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