Subj : IMF boss warns AI "tsunami" could devastate global jobs market
To   : All
From : TechnologyDaily
Date : Thu May 16 2024 10:15:05

IMF boss warns AI "tsunami" could devastate global jobs market

Date:
Thu, 16 May 2024 09:00:53 +0000

Description:
International Monetary Fund Managing Director warns that 2-3 in five jobs 
could be affected by AI.

FULL STORY
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Speaking at an event organized by the Swiss Institute of International 
Studies, International Monetary Fund Managing Director Dr Kristalina 
Georgieva warned of an AI-induced tsunami that could hit the jobs market. 

Georgieva painted a picture of a slow-moving tsunami set to disrupt 
employment landscapes across the global as businesses continue to adopt and 
integrate artificial intelligence solutions designed to improve efficiency 
and productivity. 

Citing projections, the MD warned that AI could affect around two in five 
jobs globally, or as many as three in five in advanced economies such as the 
US and UK. Could AI be taking our jobs after all? 

Despite the IMFs concerning outlook, its boss emphasized that the outcome 
doesnt have to be predetermined, urging proactive management to use AI for 
its productivity benefits. 

Georgieva summarized (via Reuters ): It could bring [a] tremendous increase 
in productivity if we manage it well, but it can also lead to more 
misinformation and, of course, more inequality in our society. 

The boss warned that we have very little time to get people ready for it, 
implying the urgency of taking the right steps to reap the rewards of the 
technology while also protecting workers. 

However, while many have argued that AI only serves to improve worker 
productivity rather than replace human workers altogether, others are 
concerned that companies will need to employ fewer workers as a direct result 
of this improved productivity. 

At the start of the year, Google laid off a number of its workers in the 
advertising unit, with AI reportedly being held accountable. Layoffs have 
already exceeded 83,000, comprising a mix of AI-induced redundancies and 
cost-cutting measures. More from TechRadar Pro These are the best AI tools 
Weve rounded up the best job sites and best recruitment platforms Cisco 
launches AI job consortium to see which roles will be most affected by AI



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Link to news story:
https://www.techradar.com/pro/imf-boss-warns-ai-tsunami-could-devastate-global
-jobs-market


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