World Bank and IMF warn AI could eliminate 40% of global jobs
What happened
The World Bank and the International Monetary Fund warned that artificial intelligence could transform or eliminate approximately 40 percent of jobs globally. They urged governments to invest in skills, infrastructure, and new employment opportunities to protect workers, particularly young people. World Bank Group President Ajay Banga noted that 1.2 billion young people will reach the age of 18 over the next 15 years.
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Why it matters
The institutions stressed that job creation is critical for developing countries to absorb the growing number of young people entering the labor market. They suggested that employment opportunities should not be limited to formal company jobs but should also include entrepreneurship.
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Who's involved
- World BankInternational financial institution that issued the warning about AI job displacement.
- International Monetary FundInternational financial institution that issued the warning about AI job displacement.
- Kristalina GeorgievaManaging Director of the International Monetary Fund who participated in the panel discussion.
- World Bank GroupGroup of organizations represented by World Bank Group President Ajay Banga.
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The entities involved
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World Bank
international financial institution
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International Monetary Fund
international financial institution
Related events
- IMF research suggests that Artificial Intelligence is affecting human jobs.
- Bill Gates and the IMF warned of widespread job losses due to AI, coinciding with Barclays cutting staff to replace them with AI.
- IMF and World Bank held joint meetings in Bangkok where Kristalina Georgieva discussed AI impact and the FED was present.
- The IMF has cited the current AI boom as a potential financial risk, adding to existing concerns from Goldman Sachs about the AI bubble.