AI likely to affect 40% jobs worldwide, IMF

The recent advances in Artificial Intelligence (AI) technology have caused people to fear that their jobs are at risk.

Now the head of the International Monetary Fund (IMF) has justified the fear by predicting that 40 percent of jobs could be affected by AI.

According to IMF chief Kristalina Georgieva, 40 percent of jobs worldwide could be affected by AI technology, and it is important that governments take steps to protect vulnerable workers.

An analysis by the IMF suggested that 60% of jobs in developed countries such as the US and UK could be affected by AI technology.

However the international organization said that AI technology can be helpful for humans in some fields such as surgeons, lawyers or judges.

The AI technology will eliminate the need for humans in telemarketing or other such fields. However, the jobs of ordinary working people are not much threatened by this technology.

Kristalina Georgieva said that AI poses a greater threat to people in developed countries and that jobs in some sectors may disappear entirely.

She added that in most scenarios, AI is likely to increase inequality and social tensions in the global economy.

Georgieva further said: “It is important that countries around the world start various programs for vulnerable workers so that AI technology can be better integrated into the society”.

Earlier last year, US investment firm Goldman Sachs said in a report that if AI technology demonstrates the capabilities that are being claimed, the labor market will be severely affected.

The report stated that two-thirds of jobs in the US alone are under the influence of AI technology.

The report estimated that 7% of jobs in the US could be replaced by AI systems, while in 63 percent of jobs, AI technology will work alongside humans and 30% of sectors will have no impact.

Similarly, in the next 10 years, AI technology will be involved in the production of 7% of services and goods worldwide.

Generative AI technology came into public attention when a company called OpenAI introduced ChatGPT.

Introduced in November 2022, this chatbot can perform multiple tasks and Microsoft made this technology part of its search engine Bing.

Since then, various initiatives are being taken by major technology companies like Google introduced a chatbot called Bard.