Digital Transformation Slows Down the Global Economy
AI Puts 40 Percent of the Job Sector at Stake in 2024
By Aarti Dhapte , 21 February, 2024
Artificial intelligence is gradually expanding its usage over various sectors of the market. The technological sector serves as the most important one in the list of applications of artificial intelligence. AI proves to be beneficial in varied sectors; however, experts believe it may affect the job sector in 2024. Based on a new analysis by the International Monetary Fund (IMF), Artificial intelligence is expected to cut approximately 40 percent of all kinds of jobs globally.
Experts believe that 40 percent of jobs are at stake due to the application of artificial intelligence in different sectors of the global market. Advanced economies are expected to suffer much from the implementation of artificial intelligence in different jobs. However, artificial intelligence, at the same time, helps to improve the work structure of certain jobs. Developing countries with the highest population can think of another way to incorporate artificial intelligence into work sectors to improve efficiency. An elevated efficiency rate in the work will lead to growing productivity, hence creating a greater number of jobs with the help of artificial intelligence. AI technology has the potential to build up a number of jobs within the sector; simultaneously, it can take down equal or greater numbers of job vacancies due to its ability to perform efficiently. The integration of artificial intelligence to enhance work, such as in the technological sector, healthcare, fintech, and others, could lead to good productivity.
However, the International Monetary funds (IMF) show an important concern regarding the growth of artificial intelligence, which can be a hurdle for the job sector in 2024. IMF claims that artificial intelligence can cut around 60 percent of jobs that are specifically done by humans. It can reduce the demand for labor, help industries be financially strong with the help of AI due to a reduction in labor wages, and provide other methods to improve the work sector. In the next ten years, artificial intelligence is expected to take over the technological sectors, as the IMF projects that 26 percent of jobs in developing economies will be affected by artificial intelligence. According to surveys, the development of artificial intelligence is enhancing productivity faster, but complete dependency on artificial intelligence may cause problems in the job sector.
Employment Share By AI Exposure and Complementarity
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Aarti Dhapte
Team Lead - Research
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