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- Written by Annabelle Liang
- business reporter
image source, Getty Images
IMF Managing Director Kristalina Georgieva said, “In most scenarios, AI is likely to worsen overall inequality.”
Georgieva added that policymakers should address “worrying trends” to “prevent technology from further escalating social tensions.”
The proliferation of AI has brought its benefits and risks into the spotlight.
The IMF said AI is likely to impact a larger share of employment in developed countries (estimated at around 60%). In half of these cases, employees can expect to benefit from his AI integration and increase their productivity.
In other examples, AI will be able to perform key tasks currently performed by humans. This could reduce demand for labor, impact wages, and even eliminate jobs.
Meanwhile, the IMF predicts that the technology will impact only 26% of jobs in low-income countries.
This is in line with a Goldman Sachs report that estimated that AI could replace 300 million full-time equivalent jobs in 2023, but as productivity increases, new He said it could also create jobs.
“Many of these countries lack the infrastructure and skilled workforce to harness the benefits of AI, and over time there is a growing risk that this technology will exacerbate inequalities between countries,” Georgieva said. “
More generally, higher-income and younger workers are likely to see a disproportionate increase in wages following the introduction of AI.
The IMF believes that lower-income and older workers may be left behind.
“It is important for countries to establish comprehensive social safety nets and provide retraining programs for vulnerable workers,” Georgieva said. “Doing so can make the transition to AI more inclusive, protect livelihoods, and limit inequality.”
The IMF’s analysis was released as global business and political leaders gathered at the World Economic Forum in Davos, Switzerland.
AI is a hot topic with the growing popularity of applications like ChatGPT.
China has introduced some of the world’s first national regulations on AI, including rules on how algorithms are developed and deployed.
In October, President Biden signed an executive order requiring developers to share AI safety results with the U.S. government.
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