A recent analysis by the International Monetary Fund (IMF) suggests that India may not be as affected by artificial intelligence (AI) as other regions of the world are. According to the report, 26% of Indian workers were employed in high-exposure jobs to artificial intelligence (AI), compared to 40% globally and 60% in advanced economies.
The IMF warned that widespread adoption of AI might damage roughly 40% of jobs worldwide, thereby increasing global inequality. In a Sunday blog post, IMF Chief Kristalina Georgieva urged nations to build social safety nets and retraining programmes to minimise the impact of artificial intelligence. Georgieva voiced concern about the potential escalation of social tensions and emphasised the importance of taking proactive actions to solve the future AI difficulties.
Georgieva emphasised that the repercussions will be more substantial in advanced economies, where AI might affect up to 60% of jobs. While around half of these jobs may see higher productivity, the other half may face issues such as decreased compensation, reduced hiring, and, in extreme circumstances, job elimination.
especially if younger and less experienced workers use AI to boost productivity, leaving senior workers behind. Georgieva emphasised the need of resolving these issues, taking into account the potential ramifications for global workplace dynamics
AI became a hot issue at the World Economic Forum (WEF) in Davos, Switzerland, where AI marketing and branding dominated the town. Georgieva emphasised AI’s revolutionary potential in transforming the global economy, highlighting prospects to increase output and incomes worldwide.
She closed her essay by emphasising the importance of ensuring that AI helps humanity, recognising the revolutionary promise of AI while advocating for responsible and inclusive methods to its integration into the global workforce.