IMF Boss Warns of AI “tsunami” That Will Threaten Six Out of Ten Jobs - Latest Global News

IMF Boss Warns of AI “tsunami” That Will Threaten Six Out of Ten Jobs

The head of the International Monetary Fund (IMF), Dr. Kristalina Georgieva, has warned of a “tsunami” of artificial intelligence (AI) that could have a significant impact on the international labor market.

The IMF chief was speaking at an event hosted by the Swiss Institute for International Studies when she said six out of 10 job vacancies in advanced economies could be affected.

As Reuters originally reported, Georgieva’s stern assessment suggested the force could be felt within the next two years: “We have very little time to prepare people for this and to prepare companies for this,” she said.

“If we do it well, it could lead to a huge increase in productivity, but it can also lead to more misinformation and of course more inequality in our society.”

Balance and resilience will be key to the challenge ahead as the workforce adapts and upskills to meet the challenges and opportunities presented by AI. The massive and all-encompassing impact of the pandemic in recent years has been a great example of how the industry can deal with serious disruptions and emerge from the crisis.

Incoming AI threats and opportunities

A recent survey by Microsoft found that around 50% of workers share concerns that AI could impact their job security.

The 2023 Annual Work Trend Index surveyed 31,000 respondents from 31 countries and despite the ongoing fear, 75% of workers are now using AI in the workplace, feeling that the technology is a great tool in times of stress and high intensity This allows them to focus on the essential tasks.

More than three quarters of those surveyed bring their own AI resources to work.

Meanwhile, Amazon has increased the number of robots working in its fulfillment centers from 350,000 in 2021 to 750,000 by mid-2023.

Scott Dresser, vice president of Amazon Robotics, commented on how robots create opportunities for employees and challenge the perception of the threat that artificial intelligence poses to workers.

“Over the last decade, we have introduced hundreds of thousands of robotic systems while creating hundreds of thousands of new jobs across our operations. This includes 700 categories of new job types in skilled roles that did not previously exist in the company.”

These examples are in line with IMF head Georgieva’s warning, which shows that while workplace development can be leveraged, AI still poses significant risks. To weather the tsunami, governments and big tech companies will need to find consensus on regulation.

Photo credit: Ideogram

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