Recent advancements in Artificial Intelligence (AI) technology have raised concerns among people about job security. Now, the head of the International Monetary Fund (IMF) has confirmed these fears, stating that AI is hitting the global labor market like a tsunami.
Speaking at the World Governments Summit in Dubai, IMF Chief Kristalina Georgieva said that 60% of jobs in developed countries could be affected by AI advancements. She explained that AI would either transform these jobs or eliminate the need for human workers altogether.
“We have analyzed that AI is hitting the labor market like a tsunami, and in a very short time, many individuals in developed countries could either lose their jobs or experience a significant increase in productivity,” she stated.
She further added that AI threatens 40% of jobs in developing countries and 26% in poorer nations. Georgieva emphasized that AI would either create a better world or deepen existing global divisions.
In January 2024, an IMF report had already predicted that 40% of jobs worldwide could be impacted by AI. At that time, Georgieva stressed the importance of government intervention to support workers at risk.
The analysis suggested that in developed nations like the US and UK, 60% of jobs could be exposed to AI. However, the IMF also pointed out that AI could assist humans in certain professions, such as surgeons, lawyers, and judges.
Conversely, AI is expected to replace human workers in fields like telemarketing and similar industries. Routine, everyday jobs, however, are less likely to be significantly affected by AI.
