The IMF warns that artificial intelligence will affect up to 40% of jobs worldwide | Business news

“Jobs that require nuanced judgment, creative problem solving or complex data interpretation – traditionally the domain of highly educated professionals – may now be upgraded or even replaced by advanced artificial intelligence algorithms,” says a new report.

Author: Connor Sephton, News reporter @ConnorSephton


Monday 15 January 2024 14:36 ​​UK

The International Monetary Fund (IMF) has warned that artificial intelligence will affect up to 40% of jobs worldwide.

This could rise to 60% of roles in developed economies such as the UK – but it is believed that in half of these cases AI will benefit the workforce.

In a new report, the IMF warned that the consequences of artificial intelligence for society are still difficult to predict, but the technology is likely to increase inequality in income and wealth.

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Developing economies are much less likely to “seize” the benefits of AI, widening the digital divide and widening income disparities between countries.

Kristalina Georgieva, managing director of the IMF, said the world was “on the brink of a technological revolution that could boost productivity, boost global growth and raise incomes around the world” – but some could lose their livelihoods as a result.

While automation and IT have often affected routine tasks, she explained that AI is unusual in its ability to affect high-paying careers.

“Jobs that require nuanced judgment, creative problem solving or complex data interpretation – traditionally the domain of highly educated professionals – may now be upgraded or even replaced by advanced artificial intelligence algorithms,” the IMF report says.

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Although younger workers may find it easier to take advantage of the opportunities that artificial intelligence brings, older workers could find it difficult to adapt.

“In most scenarios, AI is likely to exacerbate overall inequality, a worrying trend that policymakers need to proactively address to prevent the technology from further inflaming social tensions,” Georgieva warned.

The UK is said to be among the countries best prepared for the disruption that artificial intelligence will bring – building on its digital infrastructure and educating its workforce.

In addition, the Information Commissioner's Office is launching a consultation to examine how data protection law should apply to the development and use of generative AI applications.

First, it will examine whether it is legal to train models like ChatGPT on personal data scraped from the web.

Generative AI technology can be used to create new content, including words, images, videos, computer code and music, from scratch, but relies on large amounts of data on which the program has been trained, much of which is often scraped from the Internet and entered into the system.

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