40 percent of jobs in the world are at risk due to AI

- AI will boost productivity and economic growth: IMF

- AI applications will make some jobs disappear forever

New Delhi: A new analysis by the International Monetary Fund (IMF) has claimed that artificial intelligence (AI) will affect 40 percent of jobs worldwide. IMF Managing Director Kristalina Georgieva said in a blog post that since AI is set to increase inequality, policymakers must try to prevent social tensions from growing.

The impact of AI on jobs in developed countries, developing countries and low-income countries will be 60 percent, 40 percent and 26 percent, respectively.

According to the IMF, AI will affect 60 percent of jobs in developed economies. However, according to the IMF, AI will also provide an opportunity to increase productivity and accelerate global growth. AI applications will be able to perform important tasks currently performed by humans thereby reducing the demand for labour. Due to reduced demand, salaries and recruitment of employees will decrease. Some jobs will disappear forever.

AI will affect 40 percent and 26 percent of jobs in developing countries and low-income countries, respectively. This claim suggests that the employment impact of AI will be smaller in developing and low-income countries than in developed countries.

The IMF further stated that most developing and low-income countries lack the infrastructure and skilled workforce to take advantage of AI. Due to this, the disparity between developed and developing and low-income countries will increase.

AI will also increase inequality of income and wealth between countries. The IMF believes that AI will lead to higher wages for young, high-income workers while lower wages for older and lower-income workers.

The IMF MD concluded that the countries of the world need to increase social security. Weak and unskilled workers need special training.

India ranks 35th in Future Possibilities Index, Britain tops

India has been ranked 35th in the list of best countries to capitalize on future prospects, while Britain has topped the list. Britain is followed by Denmark, the US, the Netherlands and Germany in the top five countries in the Future Possibilities Index (FPI) issued by Nooyzweek Vantage and Horizon Group on the occasion of the World Economic Forum's annual meeting. China ranks 19th in this list. Brazil is 30th while South Africa is 50th. In this list, six criteria are given based on advanced digital technology, health prevention and wellness, reduction of carbon emission, circular economy, biogrowth economy, consumption of experience instead of physical goods. The total business opportunity of all these six sectors is estimated to be worth $44 trillion in 2030. Which is 40 percent of global GDP.

World's leading economists optimistic for India

Major crisis likely to hit global economy in 2024: WEF

Labor markets and financial conditions are likely to weaken further in the coming days

The meeting of the World Economic Forum (WEF) has started today in Davos, Switzerland, in which the 'Chief Economists' Outlook Report' has been issued. The report has expressed the possibility of a major crisis on the global economy in 2024. 56 percent of the world's leading economists believe that the global economy may slow down in the current year. While 7 out of 10 economists predict that the process of global economic disintegration may accelerate. On the first day of the meeting, the Chief Economist's Outlook report of global situation-2024 has been issued. According to the report, 56 economists believe that the global economy may weaken in 2024, while 53 percent of economists believe that the situation will remain unchanged or the financial situation will weaken further. Most of these economists have expressed the possibility of further weakening of labor markets and financial conditions in the coming days. According to him, there is no possibility of inflation in the new year, but the development outlook in all sectors is different and there is no possibility of strong economic growth in any of their sectors. Some economists are of the opinion about India that, despite the global challenges, India will have to move towards a growing economy. India will also continue to strive to meet global challenges and maintain a strong economic growth rate, in which it will succeed.

WEF Managing Director Sadia Jahidi said, 'The current report of leading economists' views points to uncertainty in the economic situation going forward. The global economy could be tested in the coming years amid rising tensions. Inflation is falling around the world, growth has stalled, financial conditions are in crisis, global conflict is on the rise, and inequality is rising. In such a situation, there is an urgent need for global cooperation that can accelerate sustainable, inclusive economic growth.'