IMF Warns AI Could Affect 40% of Jobs, Worsen Inequality

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Jan 15, 2024

Image copyright: Leon Neal/Getty Images News via Getty Imagesstory last updated Jan 15

The Facts

According to a new analysis by the International Monetary Fund (IMF) published ahead of the World Economic Forum in Davos, Switzerland, artificial intelligence (AI) will hit roughly four in 10 jobs worldwide and most likely deepen overall inequality among countries.
Managing Director Kristalina Georgieva detailed on Sunday that as much as three in five jobs could be affected in more advanced economies partly due to the higher proportion of white-collar jobs, adding that only around half of those may benefit from the technological revolution.

The Spin

Pro-establishment narrative

It's a matter of fact that there's no way back to the pre-AI era and some human jobs will be destroyed, especially as companies want to maximize efficiency. However, this must not come at the expense of the livelihood of hundreds of millions of workers. As recommended by institutions like the IMF, governments worldwide must implement regulations to ensure that integrating this technology won't cause unemployment surges.

Newsweek

Establishment-critical narrative

Essentially, the impact of artificial intelligence on the labor market is no different than that of computers, light bulbs, and automobiles. Whenever a more efficient technology arises to benefit mankind, some jobs will be rendered obsolete and workers will be displaced — and that's exactly the evolutionary process of capitalism. Some justified security concerns aside, AI and its impact on the global workforce must celebrated.