The Chief Economist of the International Monetary Fund (IMF), Kristalina Georgieva, has warned that the "tsunami" of artificial intelligence (AI) will have a significant impact on the international labor market.
This IMF official stated during an event organized by the Swiss Institute of International Studies that six out of every ten positions in developed economies could be affected.
According to an initial report by Reuters, Georgieva's stern assessment suggests that this impact could become evident within the next two years. "We have very little time to prepare people and businesses," she said.
"If properly managed, it could significantly increase productivity, but it could also lead to more misinformation and, of course, greater social inequality."
In the upcoming challenges, balance and resilience will be key, as workers need to adapt and enhance their skills to address the challenges and opportunities brought by AI.
Threats and Opportunities of AI
A recent survey conducted by Microsoft revealed that about 50% of employees are concerned about AI affecting their job security.
The 2023 Annual Work Trends Index surveyed 31,000 respondents from 31 countries. Despite the lingering fear, 75% of employees currently use AI in the workplace and consider it a useful tool during high-pressure and intense moments, enabling them to focus on urgent tasks.
Over three-quarters of the respondents bring their own AI resources to work.
Meanwhile, Amazon has increased the number of robots working in its fulfillment centers from 350,000 in 2021 to 750,000 by mid-2023.
Scott Dresser, Vice President of Amazon Robotics, commented on how robots create opportunities for employees and challenge the notion of AI as a threat to workers.
"Over the past decade, we have deployed hundreds of thousands of robotic systems while creating hundreds of thousands of new jobs in our operations. This includes 700 new job categories that did not exist within the company before."
These examples align with the warning from IMF Chief Economist Georgieva, indicating that the evolution of the workplace can be leveraged, but AI still poses significant risks. To address this "tsunami," governments and large tech companies need to reach a consensus on regulation.
