AI holds risks, opportunity for global economy—IMF

Artificial intelligence poses risks to job security around the world but also offers a “tremendous opportunity” to boost flagging productivity levels and fuel global growth, the IMF chief told AFP.

AI will impact 60% of jobs in developed countries, said the IMF’s managing director, Kristalina Georgieva, in an interview prior to attending the annual World Economic Forum in Davos, Switzerland.

With AI expected to have less effect in developing countries, around “40 percent of jobs globally are likely to be impacted,” she said, citing a new IMF report.

“And the more you have highly skilled jobs, the higher the impact,” she added.

However, the IMF report published Sunday evening notes that only half of the jobs impacted by AI will be negatively affected; the rest may actually benefit from enhanced productivity gains due to AI.

“Your job may disappear altogether—not good—or artificial intelligence may enhance your job, so you will actually be more productive and your income level may go up,” Georgieva said.

The IMF report predicted that, while labour markets in emerging markets and developing economies will see a smaller initial impact from AI, they are also less likely to benefit from the enhanced productivity that will arise through its integration in the workplace.

The IMF is due to publish updated economic forecasts later this month, which will show the global economy is broadly on track to meet its previous forecasts, she said.