"She suggested that in advanced economies, one in 10 jobs had already been enhanced by AI, tending to boost these workers' pay, with knock-on benefits for the local economy. By contrast, Georgieva warned that AI would wipe out many roles traditionally taken up by younger workers. Tasks that are eliminated are usually what entry-level jobs do at present, so young people searching for jobs find it harder to get to a good placement."
"So the middle class, inevitably, is going to be affected, Georgieva predicted. She said her greatest fear was that AI was insufficiently regulated. This is moving so fast, and yet we don't know how to make it safe. We don't know how to make it inclusive. Wake up, AI is for real, and it is transforming our world faster than we are getting ahead of it, she said."
Artificial intelligence will cause major labour market disruption, with research projecting 60% of jobs in advanced economies and 40% globally will be affected through enhancement, elimination, or transformation. Some roles are already being enhanced by AI, boosting earnings for affected workers and producing local economic benefits. Younger workers face the greatest risk because many eliminated tasks correspond to entry-level roles, making it harder for them to secure good placements. Workers whose jobs are not changed directly by AI risk pay compression if productivity gains fail to materialize, putting pressure on the middle class. Rapid technological change and insufficient regulation raise concerns about safety and inclusivity.
Read at www.theguardian.com
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