The other day, wandering around blogs about Artificial Intelligence, I came across an article from the International Monetary Fund about how AIs could trigger an unprecedented economic revolution. The article mentions that almost 40% of jobs worldwide are about to be reconfigured by AI, and that’s not all, something that struck me as unusual is that this will affect advanced economies the most, affecting about 60% of jobs. About half of these could benefit from its integration, which would improve productivity. However, in the other half, they perform tasks that AI applications will be able to do, which could reduce the demand for labor, hitting wages and hiring in the tower. In the most extreme cases, some jobs could even disappear.
This shocking statistic not only indicates the magnitude of the coming change, but also highlights the urgent need to understand and manage this technological phenomenon that will transform the global economy in the coming years.
AI is not a fad, it is a real and growing force that is fundamentally altering the way we work and live.
80% of people use Artificial Intelligence in their daily lives and don't know it (Infobae).
But what has really surprised me is how AI is breaking down the barriers between routine jobs and high-skilled jobs. Historically, disruptive technologies tended to affect primarily routine tasks, but AI is breaking this mold by impacting a wide range of occupations, from manufacturing to healthcare to financial management.
In the midst of this change, it is essential to consider how these technologies may affect different segments of the workforce. As mentioned in the IMF analysis, “AI can help less experienced workers improve their productivity more quickly. Younger workers may find it easier to exploit opportunities, while older workers may find it difficult to adapt.”
What’s even more impressive is how AI not only threatens to replace some jobs, but also promises to complement others. This means that while some jobs may disappear, others will transform to fit the new employment landscape, with AI playing an increasingly important role in process optimization and decision making.
But here’s the real question we need to ask: are we ready for this technological revolution? The IMF analysis suggests that while advanced economies may be better equipped to meet the challenges, emerging and developing countries face significant obstacles, such as a lack of digital infrastructure and a skilled workforce to take advantage of AI.
In emerging markets and low-income countries, exposure to AI is expected to be 40% and 26%, respectively.
While these data suggest that the use and development of artificial intelligence could lead to less disruption in these economies, they also pose the risk of further deepening inequality between nations.
The advent of artificial intelligence presents both challenges and opportunities for the global economy. While it is clear that it will transform the nature of work and the economy, it is also critical to recognize that its impact will be differentiated and will require targeted responses and a great deal of resilience. It is crucial that governments, businesses and society as a whole work together to ensure that the adoption of AI is inclusive and equitable, providing training and retraining opportunities for those who may be adversely affected. Only then can we fully harness the potential of AI to improve productivity, drive economic growth and build a future in which technology benefits all of humanity.
If you would like to delve deeper into this fascinating topic, I invite you to read the full article here: AI Will Transform the Global Economy. Let’s Make Sure It Benefits Humanity.
Emma Cuevas
IT Director