Artificial Intelligence To Cut 40% of Jobs Globally - IMF Analysis

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In a recent analysis, the International Monetary Fund (IMF) revealed that close to 40% of global employment faces exposure to Artificial Intelligence (AI). 

The report highlighted that while automation and information technology have historically affected routine tasks, AI's distinguishing feature is its potential to impact high-skilled jobs.

READ ALSO: The Future of AI

The analysis pointed out that advanced economies are at greater risk from AI, but they also have more opportunities to harness its benefits compared to emerging market and developing economies. In advanced economies, approximately 60% of jobs could be influenced by AI, with around half of these jobs potentially benefiting from AI integration, leading to enhanced productivity.

However, for the other half of exposed jobs, AI applications might take over essential tasks currently performed by humans, potentially reducing labor demand, lowering wages, and limiting hiring. In some instances, these jobs may even disappear.

Conversely, in emerging markets and low-income countries, the exposure to AI is anticipated to be 40% and 26%, respectively. These figures suggest that emerging markets and developing economies may face fewer immediate disruptions from AI. 

Nonetheless, the report cautioned that many of these countries lack the necessary infrastructure and skilled workforces to fully leverage the advantages of AI. Consequently, there is a risk that over time, AI could exacerbate inequality among nations.

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