A recent study has revealed that artificial intelligence (AI) will have a significant effect on the job market, with around 40% of jobs worldwide being affected. In order to mitigate the impact on vulnerable workers, it is crucial for countries to develop social safety nets.
The study, conducted by the International Monetary Fund (IMF), highlights the potential disruption AI could cause to the global economy, particularly in advanced economies such as the US and UK. Approximately 60% of jobs in these economies are exposed to AI, and around half of these jobs may be negatively affected.
While AI has the potential to enhance productivity for some individuals, the IMF identifies certain high-exposure jobs as being at risk. These include roles with a high level of responsibility and interaction with people, such as surgeons, lawyers, and judges. On the other hand, low-exposure occupations like telemarketing and dishwashing are more likely to be displaced by AI.
The study also examines the impact of AI on emerging market economies, with AI job exposure being around 40% in countries like China, Brazil, and India. Low-income countries have a lower exposure of around 26%.
One particular concern highlighted by the IMF is the potential for AI to exacerbate income and wealth inequality. While higher-wage earners in jobs that complement AI are likely to see an increase in income, lower-wage workers could face a decrease in demand for their labor, resulting in lower wages and reduced hiring. This could lead to increased inequality, unless comprehensive social safety nets and retraining programs are put in place.
The report emphasizes the need for countries to establish these safety nets and provide resources for retraining vulnerable workers. By doing so, the transition to AI can be more inclusive, protecting livelihoods and curbing inequality.
As AI continues to advance and become more integrated into various industries, it is essential for policymakers to prioritize the development of social safety nets and support systems to ensure a smooth transition for workers in an AI-driven economy. Failure to do so could result in increased economic disparities and social tensions.
The source of the article is from the blog regiozottegem.be