AI will affect 60% of US jobs and worsen income inequality, IMF warns

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1 year ago

January 19, 2024

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Artificial intelligence will affect about 60% of all jobs in the US — and worsen income and wealth inequality, the International Monetary Fund warned.

Advanced economies such as the US are at the greatest risk due to the prevalence of cognitive task-oriented jobs, the IMF said, cautioning that the disruptive technology could replace more than half the jobs available in regions that also include Canada, the UK, Japan, Germany, France and Italy.

Comparatively, AI exposure was estimated to impact 40% of jobs in emerging economies and 26% of positions in low-income countries.

“Automation…had the strongest effect on middle-skilled workers, [but] AI displacement risks extend to higher-wage earners,” the new analysis said.

IMF chief Kristalina Georgieva wrote in a blog post following the release of Sunday’s report that the rapidly-advancing technology provides opportunities to “help less experienced workers enhance their productivity more quickly.”

However, as AI is brought into the workplace, “we may see polarization within income brackets, with workers who can harness AI seeing an increase in their productivity and wages — and those who cannot falling behind,” Georgieva said.

Older workers are most at risk of losing their place to AI as they “may struggle with reemployment, adapting to technology, mobility and training for new job skills.”

In contrast, “younger workers who are adaptable and familiar with new technologies may also be better able to leverage the new opportunities.”

Georgieva called the findings “a troubling trend” that she urged policymakers to “proactively address to prevent the technology from further stoking social tensions.”

The IMF report was released as the world’s business and political leaders flew Monday to the Swiss resort town of Davos for the annual World Economic Forum.

AI is expected to be the hot topic, as The Post reported, at this year’s confab, which runs through Friday with the theme of “Rebuilding Trust.”

Global executives are increasingly worried about the long term viability of their businesses, a PricewaterhouseCoopers pre-Davos survey released Monday showed, with pressures mounting from generative artificial intelligence and climate disruption.

Some 45% of more than 4,700 global CEOs surveyed do not believe their businesses will survive, barring significant changes, in the next 10 years, the “Big Four” auditor said.

“There’s the 55% who think they don’t have to change radically, and I would argue that’s a little naive because the world is changing so fast around them,” PwC Global Chairman Bob Moritz told the Reuters Global Markets Forum ahead of the meetings.

Advancements in generative AI were top of the concerns for most survey respondents, with almost 75% predicting it would significantly change their business in the next three years.

The US continues to weigh federal regulation of the burgeoning technology after a much-hyped summit in Washington, DC, last September. TheEuropean Union, meanwhile,reached a tentative dealin December thatdrew up some guardrails.

Last April, Goldman Sachs warned generative AI — which is trained on different sets of data to learn pattern recognition — could impact as many as 300 million full-time jobs globally.

A month later, AI was blamed for nearly 4,000 Americans losing their jobs, according to the analytics firm Challenger, Gray, and Christmas, which cited market and economic conditions as well as mergers and acquisitions as key factors.

On the positive side, Goldman Sachs said that generative AI — which is seen in OpenAI’s ChatGPT, Google’s Bard and Microsoft’s Copilot — could boost GDP by as much as 7% thanks to an increase in productivity.

JPMorgan CEO Jamie Dimon also touted AI’s “tremendous” impact on the world in an interview with Fox Business last week, calling the technology “crucial.”

“It’s going to change a tremendous amount of stuff in health care alone. It may come up with new compounds. It could do a better job diagnosing diseases, preventing diseases,” Dimon told Fox.

“God knows what it’s going to do for people. It may have some downsides. It’s very hard to figure out how you should regulate it, but it might eventually have to be some regulations around it,” he added.

One of the latest breakthroughs in AI has seen the medical industry rolling out “the world’s first AI doctor’s office,” which is slated to open this year in New York and other major US metros.

Called CarePod, the doctor’s office is actually a self-service cube where patients can be screened for issues relevant to diabetes, hypertension, and depression and anxiety, according to its maker, Forward.

The high-tech health stops will reportedly be installed in malls, gyms and offices for members who pay its $99-per-month fee.

With Post wires

Politics

Bhutan should embrace decentralized identity systems

Published

3 hours ago

July 17, 2025

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Bhutan should embrace decentralized identity systems

Bhutan’s unique naming culture and values of sovereignty make it a strong candidate for adopting blockchain-based identity systems.

World

Pope ‘deeply saddened’ by deaths at sole Catholic church in Gaza after Israeli strike

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3 hours ago

July 17, 2025

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Pope 'deeply saddened' by deaths at sole Catholic church in Gaza after Israeli strike

The Pope has said he is “deeply saddened” by the deaths of three people in an Israeli strike on the only Catholic church in Gaza.

A further nine people were wounded when the Gaza’s Holy Family Church was hit, the Latin Patriarchate of Jerusalem said in a statement.

“On behalf of the entire Church of the Holy Land, we extend our deepest condolences to the bereaved families, and from here, we offer our prayers for the swift and full recovery of the wounded,” the statement reads.

“The Latin Patriarchate strongly condemns this tragedy and this targeting of innocent civilians and of a sacred place.

“However, this tragedy is not greater or more terrible than the many others that have befallen Gaza.”

Parish priest Father Gabriele Romanelli, an Argentinian who used to regularly update the late Pope Francis about the conflict in Gaza, was lightly injured in the attack.

In a telegram for the victims, Pope Leo said he was “deeply saddened” and called for “an immediate ceasefire”.

The Pope expressed his “profound hope for dialogue, reconciliation and enduring peace in the region,” according to the telegram, which was signed by the Vatican Secretary of State Cardinal Pietro Parolin.

Cardinal Pierbattista Pizzaballa, the Latin Patriarch of Jerusalem, told the Vatican News website that the church was shelled by a tank.

“What we know for sure is that a tank, the IDF says by mistake, but we are not sure about this, they hit the Church directly, the Church of the Holy Family, the Latin Church”, he said

The church was sheltering both Christians and Muslims, including a number of children with disabilities, according to Fadel Naem, acting director of Al-Ahli Hospital, which received the wounded.

The Israel Defence Forces (IDF) said it was “aware of reports regarding damage caused to the Holy Family Church in Gaza City and casualties at the scene. The circumstances of the incident are under review”.

“The IDF makes every feasible effort to mitigate harm to civilians and civilian structures, including religious sites,
and regrets any damage caused to them,” the statement added.

Israel’s foreign ministry said in a statement on X that the results of the investigation would be published.

It also said the country did not target churches or religious sites and regretted harm to them or civilians.

The previous pope, Francis, spoke almost daily with Gaza church. In the last 18 months of his life, Francis would often call the church in the Gaza Strip to see how people huddled inside were coping with a devastating war.

At least 20 more people were killed on Thursday by Israeli attacks across the besieged enclave, medics said.

Throughout the 21-month war, more than 58,000 Palestinians have been killed by Israel’s military campaign, according to Gaza’s health ministry, which does not distinguish between civilians and combatants in its count.

Israel launched a retaliatory campaign against Hamas following the militant group’s 7 October 2023 attacks, during which 1,200 people were killed and about 250 taken hostage.

World

Syria’s president vows to protect Druze population after Israel airstrikes – as new ceasefire begins

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3 hours ago

July 17, 2025

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Syria's president vows to protect Druze population after Israel airstrikes - as new ceasefire begins

Syria’s president has said protecting the rights of the Druze population is “our priority” after Israel warned it would destroy forces attacking the minority.

In a televised statement early today, Ahmed al Sharaa told the Druze “we reject any attempt to drag you into hands of an external party”.

Several hundred people have reportedly been killed this week in the south of Syria in violence involving local fighters, government authorities and Bedouin tribes.

Following the president’s announcement and a ceasefire agreement, Syrian government forces on Thursday largely withdrew from the volatile southern province of Sweida.

Under the terms of the agreement, Druze factions and clerics have been appointed to maintain internal security.

As the violence escalated in Sweida, Israel launched airstrikes, including attacks on Wednesday on the defence ministry in Damascus and a target near the presidential palace.

Benjamin Netanyahu’s government has pledged to “act resolutely against any terrorist threat on its borders”.

The Druze population follow an offshoot of Islam and are estimated to number about one million, spread between Syria, Lebanon and Israel.

Sharaa – Syria’s interim leader after President Assad fled last year – gave a televised statement on Wednesday telling the Druze “we reject any attempt to drag you into hands of an external party”.

“We are not among those who fear the war,” he added.

“We have spent our lives facing challenges and defending our people, but we have put the interests of the Syrians before chaos and destruction,” said the president.

He also claimed Israel has “consistently targeted our stability and created discord among us since the fall of the former regime”.

Israel has accused the Syrian regime of being barely disguised jihadists – despite warming ties with Western countries such as the UK and US.

The UK-based Syrian Observatory for Human Rights said, as of Wednesday morning, more than 300 people had been killed in the flare-up of violence.

Around 1,000 Druze people broke through a fence into southern Syria on Wednesday in a bid to help, according to The Times of Israel.

Prime Minister Netanyahu urged people not to cross into Syria and Israeli military chief of staff Eyal Zamir warned they would not “allow southern Syria to become a terror stronghold”.

The UN Security Council will discuss the situation today, despite the US secretary of state saying yesterday that America had brokered an end to the violence.

“We have engaged all the parties involved in the clashes in Syria,” Marco Rubio said on social media.

“We have agreed on specific steps that will bring this troubling and horrifying situation to an end tonight.”