Artificial intelligence (AI) could affect or replace up to 40% of the world’s jobs and deepen inequality, but may also boost global growth and increase incomes around the globe.
These are the findings of the International Monetary Fund (IMF), which has conducted a report on the potential future impacts of AI on economies across the globe.
Almost 40% of global jobs are expected to be replaced or complemented by AI, however, in advanced economies this figure rises to 60%, the report said.
In advanced economies, roughly 30% of all jobs are predicted to benefit from the use of the technology, while in another 30% of careers, AI is expected to be able to execute these roles to the same levels.
In jobs where AI can fulfil the same task, the IMF believe employees will see reduced hiring, lower wages, weaker labour demand and in some cases the overall work disappearing.
In emerging and low-income economies, the risk of AI exposure to jobs is 40% and 26% respectively.
The IMF also believes that inequality could appear between those who are equipped to benefit from AI over those who aren’t.
Research shows that those who can use AI in their work can expect to see increased productivity and higher wages, while those who don’t may struggle.
This could lead to older workers finding it difficult to adapt and therefore commanding lower salaries while younger generations exploit more opportunities.
The US, Singapore and Denmark are believed to be the best-prepared countries for the AI revolution, according to an index developed by the organisation.
The IMF added in its report: “The net effect is difficult to foresee, as AI will ripple through economies in complex ways.
“What we can say with some confidence is that we will need to come up with a set of policies to safely leverage the vast potential of AI for the benefit of humanity.”