"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," IMF chief Kristalina Georgieva said.
Artificial intelligence poses risks to job security around the world but also offers a "tremendous opportunity" to boost flagging productivity levels and fuel global growth, the International Monetary Fund (IMF) chief. Just before leaving for the annual World Economic Forum in Davos, Switzerland, Kristalina Georgieva, the managing director of the International Monetary Fund, stated in an interview that artificial intelligence will impact jobs in industrialised nations.
She cited a new IMF research when she stated that "40 percent of jobs globally are likely to be impacted," with AI projected to have less of an impact in underdeveloped nations. "And the more you have higher skilled jobs, the higher the impact," she continued.
However, the IMF report published on Sunday evening notes that only half of the jobs impacted by AI will be negatively affected; 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 stated.
According to the IMF analysis, labour markets in underdeveloped and emerging economies will be less affected by AI initially, but they will also be less likely to gain from the increased productivity that comes with integrating AI into the workplace.
"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," Georgieva added.
According to Georgieva, 2024 will probably be "a very tough year" for fiscal policy globally as nations attempt to replenish their diminished buffers and deal with debt loads incurred during the Covid-19 epidemic. This year, there will be billions of voters, which will increase pressure on governments to either reduce taxes or increase expenditure in order to gain support from the public.