Dr Kristalina Georgieva, the chief of the International Monetary Fund (IMF), has issued a warning about an impending “tsunami” of artificial intelligence (AI) that could have a major impact on the global labor market.
Speaking at an event organized by the Swiss Institute of International Studies, Georgieva suggested that 6 out of every 10 job vacancies in advanced economies could be affected by this AI wave.
In a report by Reuters, Georgieva emphasized that the effects of AI could be felt within the next two years, urging swift preparation. “We have very little time to get people ready for it, businesses ready for it,” she stated.
Georgieva also noted the potential for a significant boost in productivity if AI implementation is managed effectively, but also cautioned about the risks of misinformation and increased inequality in society.
As workers gear up to face the challenges and opportunities brought by AI, balance and resilience will be crucial. The ability to adapt and upskill will be key in navigating the shifting landscape of the labor market.
Threats and Opportunities of AI
According to a recent survey by Microsoft, around half of workers express concern about how AI could impact their job security.
The 2023 Annual Work Trend Index surveyed 31,000 participants from 31 countries, revealing that 75% of workers currently utilize AI in the workplace. Many see AI as a helpful tool during times of stress and high workload, enabling them to focus on critical tasks.
Despite lingering fears, more than three-quarters of respondents bring their own AI tools to work, showcasing a growing acceptance and integration of AI in everyday work life.
In a related development, Amazon has significantly increased the number of robots in its fulfillment centers, from 350,000 in 2021 to 750,000 by mid-2023.
Scott Dresser, VP of Amazon Robotics, highlighted how these robots have created new opportunities for employees, dispelling some of the concerns about AI threatening jobs. “Over the past decade, we have introduced hundreds of thousands of robotics systems while also generating hundreds of thousands of new jobs within our operations,” Dresser explained.
These examples align with the IMF chief’s cautionary words, underscoring the transformative potential of AI in the workplace alongside the need for proactive measures to manage associated risks. Collaboration between governments and tech companies will be essential in navigating the challenges posed by AI.
Image credit: Ideogram
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