Information
A study published by the International Monetary Fund (IMF) ahead of the World Economic Forum in Davos suggests that artificial intelligence (AI) could impact 60% of jobs in developed economies. The study predicts that around half of those jobs will be negatively affected by AI, while the other half will see a positive impact.
The IMF Managing Director, Kristalina Georgieva, told AFP news agency that people’s jobs could disappear altogether or AI could enhance their jobs, making them more productive and increasing their income levels. The study also revealed that the impact of AI on developing countries will be different, with 40% of jobs in emerging markets set to be impacted and 26% of jobs in low-income countries. However, these labour markets are less likely to benefit from the increased productivity that AI promises.
Georgieva emphasized the need to help low-income countries to catch the opportunities that AI will present and said that AI is both scary and a tremendous opportunity for everyone.
Source: DPA, AFP
Assessment
It is almost certain that AI is here to stay, and much like the introduction of computers, those who can adapt and grow with the changes will see significant benefits, while those who cannot will have considerable hardships. While it is likely that some industries will take longer to see these benefits, industries that already use technology on a daily basis will likely see dramatic changes in the next 6 to 12 months. Sadly, it is also likely that there may be staff layoffs in certain industries where AI can replace specific roles or reduce the amount of staff required in an office.
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