IMF Report Highlights AI's Double-Edged Impact on Global Economy
The International Monetary Fund (IMF) has released a report analyzing the use of Artificial Intelligence (AI) worldwide and its positive impact on productivity, economic growth, and income improvement. However, the report also highlights the drawbacks of AI adoption, including job displacement and exacerbating income inequalities.
AI Set to Reshape Global Economy
The IMF clearly states that AI is poised to remodel the global economy, threatening 33% of jobs in advanced economies, 24% in emerging economies, and 18% in low-income countries.
AI's Potential to Improve Productivity and Create New Jobs
On the other hand, AI integration can also bring significant potential to improve productivity in existing jobs, where AI tools can be complementary, creating new job opportunities and even new industries.
Limited Impact on Emerging and Low-Income Countries
For emerging and low-income countries, AI's impact will be limited due to the scarcity of highly skilled jobs compared to their richer counterparts. Moreover, the lack of infrastructure and qualified professionals in these countries will hinder their ability to leverage AI, further widening disparities.
Infrastructure and Skills Gap in Emerging Countries
The report explains that emerging countries lack the necessary infrastructure and qualified professionals to take advantage of new technologies, making it less evident and less effective for them to benefit from AI, thereby exacerbating disparities.
