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by Emmitt Barry, Worthy News Correspondent
(Worthy News) – The International Monetary Fund (IMF) has warned that approximately 40% of jobs worldwide by the advancement of artificial intelligence (AI). The IMF also warned that this technological shift in the global job market would intensify social inequalities and potentially lead to increased social unrest.
The IMF, responsible for overseeing the global economy and financial system, is advocating for nations to enact policies that promote the responsible integration of technology.
In a blog post published on Sunday, IMF head Kristalina Georgieva urged governments to implement social safety nets and provide retraining programs to mitigate the effects of AI.
“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,” Georgieva wrote. “It is crucial for countries to establish comprehensive social safety nets and offer retraining programs for vulnerable workers. In doing so, we can make the AI transition more inclusive, protecting livelihoods and curbing inequality.”
In advanced economies, up to 60% of jobs might be affected by AI, with about half potentially benefiting from the increased productivity brought about by AI, according to her blog post.
“For the other half, AI applications may execute key tasks currently performed by humans, which could lower labor demand, leading to lower wages and reduced hiring,” wrote Georgieva, citing an IMF’s study.
“AI will transform the global economy,” she wrote. “Let’s make sure it benefits humanity.”
The annual WEF meeting is occurring this week in Davos, Switzerland, with the subject of AI anticipated to be a major focus for policymakers.