Ever since the AI boom began in the past year or so, there has been a never-ending debate on whether it is a boon or bane. On one hand, artificial intelligence is improving efficiency for some businesses and creating room for newer jobs, it is, on the other hand, also eradicating thousands of jobs all around the world in various sectors.
While the debate about AI¡¯s pros and cons goes on, the International Monetary Fund (IMF) has issued a warning.?
IMF¡¯s Managing Director (MD) Kristalina Georgieva has warned that AI is turning out to be a technological revolution that could jumpstart productivity, boost global growth, and raise incomes around the world, yet it could also replace jobs and deepen inequality.
She further emphasized that the world has been enthralled by the rapid advancement of AI, which has raised significant concerns about its possible effects on the world economy as well as feelings of both excitement and alarm. The overall impact is hard to predict because AI will have intricate effects on economies. With some degree of assurance, we can state that in order to responsibly utilize artificial intelligence's enormous potential for the good of humanity, a set of regulations will need to be developed.
IMF staff members look at the possible effects of AI on the global labour market in a new analysis. Numerous studies have forecasted the possibility of AI replacing human labour. However, we also know that AI is likely to support human labour in many situations. Both of these forces are captured in the IMF analysis.
The IMF's findings are alarming:?almost 40 percent of global jobs are exposed to AI.?Automation and information technology have historically had an impact on repetitive tasks, but artificial intelligence (AI) stands out for its capacity to affect highly skilled jobs. Hence, compared to emerging markets and developing economies, advanced economies face more risks from AI but also have more opportunities to take advantage of its advantages.
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IMF has also predicted that?in?advanced economies, about 60% of jobs may be impacted by AI.?The world has been enthralled by the rapid advancement of AI, which has raised significant concerns about its possible effects on the world economy as well as feelings of both excitement and alarm. The overall impact is hard to predict because AI will have intricate effects on economies. With some degree of assurance, we can state that in order to responsibly utilize artificial intelligence's enormous potential for the good of humanity, a set of regulations will need to be developed.
In contrast, it is anticipated that AI exposure will be 40% in emerging markets and?26% in low-income nations,?respectively.?
As per IMF, these results imply that developing and emerging market economies will experience less direct disruptions from AI. However, a lot of these nations lack the infrastructure and trained labour to fully utilize AI, which increases the possibility that the technology will eventually exacerbate international inequality.??
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