Business
Published January 15, 2024, 11:02 a.m. ET
Artificial intelligence will impact about 60% of all U.S. jobs — and worsen income and wealth inequality, the International Monetary Fund has warned.
Advanced economies such as the United States are most at risk due to the proliferation of cognitively task-oriented jobs, the IMF said, warning that the disruptive technology could replace more than half of available jobs in regions that also include Canada, the United Kingdom and Japan , Germany, France and Italy.
In comparison, AI exposure is estimated to impact 40% of jobs in emerging markets and 26% of jobs in low-income countries.
“Automation…had the greatest impact on middle-skilled workers, [but] The risk of AI displacement also extends to higher earners,” says the new analysis.
IMF chief Kristalina Georgieva wrote in a blog post after Sunday's report was released that rapidly evolving technology offers opportunities to “help less experienced workers increase their productivity more quickly.”
However, when AI is introduced into the workplace, “there may be polarization within income brackets, with workers who can use AI seeing an increase in their productivity and wages – and those who cannot falling behind,” Georgieva said.
According to the International Monetary Fund, which includes the United States, Canada, the United Kingdom, Japan, Germany, France and Italy, artificial intelligence will replace up to 60% of jobs in advanced economies. Juha Saastamoinen – stock.adobe.com
Older workers are most at risk of losing their jobs due to AI as they “may have problems with reemployment, adapting to technology, mobility and training for new job skills.”
In contrast, “younger workers who are adaptable and comfortable with new technologies may also be better able to take advantage of new opportunities.”
Georgieva called the findings “a worrying trend” that she urged policymakers to “address proactively to prevent technology from further inflaming social tensions.”
The IMF report was released as business and political leaders from around the world flew to the Swiss resort of Davos on Monday for the annual World Economic Forum.
As The Post reported, AI is expected to be the hot topic at this year's conference, which runs through Friday under the theme “Rebuilding Trust.”
Global executives are increasingly worried about the long-term viability of their companies, a PricewaterhouseCoopers survey released Monday ahead of Davos showed, with pressure mounting from generative artificial intelligence and climate disruption.
Some 45% of more than 4,700 CEOs surveyed worldwide do not believe their companies will survive in the next decade barring significant change, the Big Four auditor said.
“There's the 55% who believe they don't need to radically change, and I would say that's a little naive because the world around them is changing so quickly,” said Bob Moritz, chairman of PwC Global, ahead of meetings at the Portal Global Markets Forum.
Advances in generative AI were the top concern for most survey respondents, with nearly 75% expecting it to significantly transform their business in the next three years.
After a high-profile summit in Washington, DC last September, the US continues to consider federal regulation of the burgeoning technology. The European Union, meanwhile, reached a provisional agreement in December that sets out some guardrails.
Last April, Goldman Sachs warned that generative AI – which is trained on different data sets to learn pattern recognition – could impact up to 300 million full-time jobs worldwide.
A month later, AI was blamed for nearly 4,000 Americans losing their jobs, according to analytics firm Challenger, Gray and Christmas, which cited market and economic conditions and mergers and acquisitions as key factors.
CarePod is “the world’s first AI medical practice,” building a self-service cube in malls, gyms and offices in 2024 where members who pay $99 a month can be screened for a range of medical issues. Go forward
On the bright side, Goldman Sachs said generative AI – as seen in OpenAI's ChatGPT, Google's Bard and Microsoft's Copilot – could boost GDP by up to 7% thanks to increased productivity.
JPMorgan CEO Jamie Dimon also noted the “tremendous” impact of AI on the world in an interview with Fox Business last week, calling the technology “pivotal.”
“It will make a huge difference in healthcare alone. New connections may emerge. It could better diagnose disease and prevent disease,” Dimon told Fox.
“God knows what it will do for people. It may have some disadvantages. It's very hard to figure out how to regulate it, but there may need to be some regulations for it at some point,” he added.
One of the most recent breakthroughs in AI was the medical industry's launch of the “world's first AI doctor's office,” set to open in New York and other major U.S. metropolitan areas later this year.
The doctor's office, called CarePod, is actually a self-service cube where patients can be screened for problems related to diabetes, high blood pressure, and depression and anxiety, according to manufacturer Forward.
The high-tech health stops will reportedly be installed in malls, gyms and offices for members who pay a monthly fee of $99.
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