Photo: Collected
Artificial intelligence (AI) may pose a risk to a wider range of jobs during the next global economic downturn than was the case in the past, International Monetary Fund (IMF) First Deputy Managing Director Gita Gopinath said.
"In the next downturn, AI is likely to threaten a wider range of jobs than in past cycles, including higher-skilled cognitive jobs. An estimated 30% of jobs in advanced economies are at risk of being replaced by AI," Gopinath said during the AI for Good Global Summit in Switzerland.
Gopinath said the emerging and low-income markets may lose up to 20% of the existing jobs, which represents an unprecedented level of losses that the world had not seen before.
"That could also lead to unprecedented numbers of long-term unemployed, because many of the displaced workers will lack the requisite skills in an economy where AI is increasingly prevalent," Gopinath said.
To avoid such developments, the world must ensure tax systems do not inefficiently favor automation over people, she said.
Gopinath also urged governments to take measures to help people cope with the impacts of utilizing AI.
"To protect workers from AI labor market disruptions, heavier investments in education and training are essential," Gopinath said.
Policymakers also must adopt measures to lower financial and supply-chain amplification risks, Gopinath added.
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