40% of jobs may disappear: people will be replaced by AI

Almost 40% of jobs worldwide could disappear due to the development of artificial intelligence (AI). This trend is likely to lead to greater inequality overall, reports CNN.

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В блоге International Monetary Fund chief Kristalina Georgieva called on governments to create social safety nets and offer retraining programs to counter AI.

“In most scenarios, AI is likely to worsen overall inequality. This is a worrying trend that policymakers must proactively address. Technology must be prevented from further fueling social tensions,” she wrote on January 13 ahead of the annual meeting of the World Economic Forum (WEF) in Davos, Switzerland, where the topic is high on the agenda.

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The Davos ski resort was already plastered with advertisements and artificial intelligence branding at the start of the summit.

Sam Altman, chief executive of OpenAI, the creator of ChatGPT, and its biggest supporter, Microsoft CEO Satya Nadella, will speak at an event later this week as part of the program. It includes a debate on “Generative AI: The Steam Engine of the Fourth Industrial Revolution?”

Jobs may disappear

As AI continues to adapt, it is expected to both help and hurt the human workforce, as Georgieva noted in her blog.

Georgieva said the impacts are expected to be felt more deeply in advanced economies than in developing countries. In part because white-collar workers are considered to be at greater risk than manual workers.

For example, in more developed countries, AI could impact 60% of jobs. About half could benefit from AI's ability to improve productivity, she said.

“As for the other half, AI applications can perform key tasks that are currently performed by humans. This could reduce demand for labor, leading to lower wages and reduced hiring, Georgieva wrote, citing an IMF analysis. “In the most extreme cases, some of these jobs could disappear.”

In developing and low-income countries, AI is expected to impact 40% and 26% of jobs respectively. Emerging markets include countries such as India and Brazil with strong economic growth, while low-income countries include developing economies where per capita income is within a certain level, such as Burundi and Sierra Leone.

“Many of these countries do not have the infrastructure or skilled workforce to reap the benefits of AI, raising the risk that the technology could worsen inequality over time,” Georgieva said.

She warned that the use of AI could increase the likelihood of social unrest. Especially if younger and less experienced workers embrace the technology as a way to increase their productivity while older workers struggle to keep up.

Impact of ChatGPT

AI became a hot topic at Davos last year as ChatGPT took the world by storm. A sensational chatbot powered by generative artificial intelligence has sparked conversations about how it could change the way people work around the world with its ability to write essays, speeches, poetry and more.

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Since then, technology upgrades have expanded the use of chatbots and artificial intelligence systems, making them more common and stimulating huge investments.

Some tech companies have already directly pointed to AI as the reason they are rethinking staffing.

While jobs may change, widespread adoption of AI could ultimately improve productivity and increase global GDP by 2023% annually over a 7-year period, according to estimates by Goldman Sachs economists published in March 10.

Georgieva in her blog also mentioned the possibilities of increasing production and income around the world with the help of AI.

“AI will transform the global economy,” she wrote. “Let’s make sure this benefits humanity.”

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