Tag: inequality

Artificial intelligence to impact 40pc global jobs, widen labour income inequality: IMF

Artificial intelligence to impact 40pc global jobs, widen labour income inequality: IMF

Around 40 percent of global employment is exposed to AI (artificial intelligence), the International Monetary Fund (IMF) says, adding that the advanced economies are at greater risk but also better poised to exploit the benefits than emerging market and developing economies.

In advanced economies, about 60 percent of jobs are exposed to AI, due to the prevalence of cognitive-task-oriented jobs, says the IMF in the latest report “Gen-AI: Artificial Intelligence and the Future of Work”.

The world’s top financial institution says AI is set to profoundly change the global economy, with some commentators seeing it as akin to a new industrial […]

AI will impact 60% of jobs in advanced economies like the UK, IMF warns

AI will impact 60% of jobs in advanced economies like the UK, IMF warns

Mon 15 Jan 2024 Shutterstock Artificial intelligence (AI) is predicted to have a major impact on about 60% of the jobs in advanced economies, the International Monetary Fund (IMF) has said.

In a new report, the body warned that the burgeoning technology will “profoundly change” the global economy, likening it to a new industrial revolution.

While AI brings promises of increased productivity in many roles, in will also have negative impacts on around 30% of all jobs in advanced economies as humans are replaced in some cases. But these economies are also poised to take the most advantage from AI, […]

Artificial intelligence will affect 40% of jobs globally, IMF warns

Artificial intelligence will affect 40% of jobs globally, IMF warns

The International Monetary Fund said nations need to be prepared to harness AI but also lessen its impact on inequality. Photo: PA Images Artificial intelligence is set to impact 40 per cent of jobs around the world, the International Monetary Fund (IMF) has warned.

The IMF said the impact will be greater for advanced economies, with around 60 per cent of roles affected.

About half of those workers will benefit from the integration of AI, which could boost productivity, but the remainder could see lower salaries, reduced hiring and, “in the most extreme cases, some of these jobs may disappear”, according […]

IMF chief says AI will affect almost 40 pct of jobs worldwide

IMF chief says AI will affect almost 40 pct of jobs worldwide

WASHINGTON, Jan. 14 (Xinhua) — The International Monetary Fund (IMF) Managing Director Kristalina Georgieva said on Sunday that artificial intelligence (AI) will affect almost 40 percent of jobs around the world, calling for a careful balance of policies to tap its potential.

“We are on the brink of a technological revolution that could jumpstart productivity, boost global growth and raise incomes around the world. Yet it could also replace jobs and deepen inequality,” Georgieva said in a blog, citing a new IMF analysis, which examined the potential impact of AI on the global labor market.

Historically, automation and information technology […]

Artificial intelligence to impact 40pc global jobs, widen labour income inequality: IMF

Artificial intelligence to impact 40pc global jobs, widen labour income inequality: IMF

Gaza Dispute Says advanced economies are at greater risk, but also better placed to take advantage

WASHINGTON (Web Desk) – Around 40 per cent of global employment is exposed to AI (artificial intelligence), the International Monetary Fund (IMF) says, adding that the advanced economies are at greater risk but also better poised to exploit the benefits than emerging market and developing economies.

In advanced economies, about 60 per cent of jobs are exposed to AI, due to prevalence of cognitive-task-oriented jobs, says the IMF in a latest report “Gen-AI: Artificial Intelligence and the Future of Work”.The world’s top financial institution says […]

Get Ready for AI-Driven Skill Democratization

Get Ready for AI-Driven Skill Democratization

(Shutterstock) FOR DECADES, AUTOMATION HAS BEEN a rough road for middle-skill workers. These jobs used to provide plentiful, family-supporting employment opportunities for those with only a high school education or even less. Robotics and, to a lesser extent, trade dramatically reduced the number of middle-skill jobs leading to what economists called a “polarized” labor market: many high-skilled and low-skilled jobs but relatively few that require a middle level of skill. The big question for economists now is how the job market will react to the approaching wave of AI-driven automation. Will AI continue to raise the premium on education […]

The Unleashed Power of Automation: Transforming Industries and Shaping the Future

Introduction:

Automation, driven by advances in technology, has emerged as a transformative force, reshaping industries, revolutionizing workflows, and fundamentally altering the way we live and work. This article delves into the intricacies of automation, exploring its historical context, present applications, and the profound implications it holds for the future.

1. Historical Evolution of Automation: Automation, as a concept, has roots dating back to the industrial revolution, where mechanization first gained prominence. The journey from simple machinery to sophisticated robotic systems and artificial intelligence (AI) reflects the continuous evolution of automation. This section provides an overview of key […]

The Impact of Automation on Jobs: Past, Present, and Future

The Impact of Automation on Jobs: Past, Present, and Future

Table of Contents

> Introduction The Role of Automation in the Job Market The Impact of Automation on Employment Historical Perspectives on Automation The Debate on Automation: Optimism vs Concern The Future of Automation and Jobs The Effects of the COVID-19 Pandemic on Automation The Geography of Automation: Global Trends The Skill Gap and the Future of Work Policy Responses to Automation The Impact of Automation on Employment: Looking into the Future of Work Automation has become a popular topic of discussion in recent years, as advancements in technology […]

The Future of Jobs: AI & Automation’s Impact

The Future of Jobs: AI & Automation’s Impact

Table of Contents

> Introduction The Influential Paper on the Future of Employment The Study’s Key Findings Factors Shaping the Pace of Automation The Headline Figure – Percentage of Jobs Potentially Automated Emerging Jobs and the Limitations of Predictions Impact of Automation on Low-Skilled Workers Preparing for the Future of Employment Advice for Young Individuals and those Facing Job Risks Addressing the Needs of Older Workers The Vulnerability of Middle-Income Jobs High-Risk and Low-Risk Jobs for Automation Bottlenecks to Automation – Complex Social Interactions Bottlenecks to Automation – Creative Work Bottlenecks […]

How will automation and artificial intelligence affect employment patterns in the future?

How will automation and artificial intelligence affect employment patterns in the future?

Automation and artificial intelligence (AI) will have a significant impact on employment patterns in the future. While AI and automation are replacing many jobs, certain human qualities such as intuition and empathy are still difficult for AI to imitate [1] . The advancements in AI and robotics will lead to job destruction but also job creation, as the value of hiring workers increases with the prospect of automating jobs [2] [3] . The long-run employment might fall, but not massively, and employment is likely to rise if consumers value human interactions [4] [5] . The COVID-19 pandemic has further […]