Artificial Intelligence will affect jobs and worsen inequality, says IMF

    Simpson Wood
    27th February 2024
    Home » Categories » Business » Artificial Intelligence will affect jobs and worsen inequality, says IMF

    Artificial intelligence (AI) will affect almost 40% of all jobs around the world and deepen inequality, the International Monetary Fund (IMF) has warned.

    In a new analysis, IMF researchers examined the potential impact of AI on the global labour market. It found that, in advanced economies, around 60% of jobs may be impacted by AI. In contrast, in emerging markets, exposure to AI is expected to affect 40% of jobs.

    The IMF also suggested that AI could affect income and wealth inequality within countries. Workers able to make effective use of AI may see an increase in their wages and productivity, whilst those who cannot risk falling behind.

    The IMF says policymakers should review the rise of AI in the workplace in order to prevent it from stoking social tensions. It has called for a careful balance of policies to tap into AI’s potential.

    Kristalina Georgieva, Managing Director at the IMF, said:

    ‘In most scenarios, AI will likely worsen overall inequality, a troubling trend that policymakers must proactively address to prevent the technology from further stoking social tensions.

    ‘It is crucial for countries to establish comprehensive social safety nets and offer retaining programmes for vulnerable workers. In doing so, we can make the AI transition more inclusive, protecting livelihoods and curbing inequality.’

    Internet links: IMF website

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