IMF: Artificial intelligence to impact 60 pct of jobs in advanced economies

Artificial intelligence (AI) will impact 60 percent of jobs in advanced economies, IMF Managing Director Kristalina Georgieva said, shortly before departing for the World Economic Forum in Davos, Switzerland.

“Advanced economies, some emerging markets, are going to see 60 percent of their jobs impacted,” she said in an interview in Washington, citing an International Monetary Fund report published Sunday on the topic.

“And then it goes down to 40 percent, for emerging markets, 26 percent for low-income countries,” she added, referencing the IMF report, which notes that overall, almost 40 percent of global employment is exposed to AI.

The IMF report notes that half of the jobs impacted by AI will be negatively affected, while the rest may actually benefit from enhanced productivity gains due to AI.

“Your job may disappear altogether — not good — or artificial intelligence may enhance your job, so you actually will be more productive and your income level may go up,” Georgieva told AFP.

While AI will initially have a lower impact on emerging markets and developing economies, they are also less likely to benefit from the advantages of the novel technology, according to the IMF.

“This could exacerbate the digital divide and cross-country income disparity,” the report continued, adding that older workers are likely to be more vulnerable to the change brought about by AI.

The IMF sees an important opportunity for policy prescriptions to help address these concerns, Georgieva told AFP.

“We must focus on helping low-income countries in particular to move faster to be able to catch the opportunities that artificial intelligence will present,” she said.

“In other words, embrace it, it is coming,” she added. “So artificial intelligence, yes, a little scary. But it is also a tremendous opportunity for everyone.”