International Monetary Fund Managing Director Dr. Kristalina Georgieva has warned of a “tsunami” hitting global labor markets as companies adopt AI technology.
Georgieva spoke at an event organized by the Swiss Institute of International Affairs. Professor Thomas Jordan, Chairman of the Board of the Swiss National Bank, also participated in the discussion on May 13, 2024.
It's a slow moving tsunami. Despite the hype surrounding this technology, its impact is yet to be fully realized. But it's certainly a work in progress, as evidenced by young programmers gloomily watching the role eliminated by AI assistants like GitHub's Copilot.
At an event in Zurich, Georgieva said, echoing a blog post earlier this year, that artificial intelligence will affect almost half (40%) of jobs worldwide, and more than half (60%) of jobs in developed countries such as the US and UK. He said there is a possibility of giving. .
If managed poorly, this can be a truly doomed scenario. The IMF MD said businesses and the public need to prepare for it.
Georgieva was quoted as saying, according to a Reuters report. [a] If managed well, it can greatly increase productivity, but it can also lead to more misinformation and, of course, greater social inequality. ”
Although it is difficult to avoid AI in today's world of technology, it is still important to understand what it can and cannot do, and the training behind its so-called “intelligence.”
Economist David Orter recently argued that fears that AI will take away jobs are misplaced, and that the emergence of generative AI as a support tool will reduce the workforce in economies where population growth is slowing. It says that productivity could be improved.
“Artificial intelligence can weave together information and rules based on acquired experience to support decision-making, replacing high-stakes decision-making tasks currently reserved for elite experts,” he said. “It can be done by more workers with the necessary basic training.” As a doctor, lawyer, software engineer, and university professor. ”
In the three months since Auter's paper was published, the technology industry has continued to develop the technology. Microsoft has added his Copilot to its entire product lineup, and OpenAI showed off its latest multimodal machine learning model in the form of his GPT-4o earlier this week.
According to the IMF, 60% of jobs in developed countries could be affected by AI technologies, and about half of them could benefit. However, the other half may be completely removed.
The persona Georgieva created is not new. But the word “tsunami” highlights what will happen in the coming months and years. ®
