The International Monetary Fund (IMF) has forecasted a significant transformation in the global job market caused by Artificial Intelligence (AI).

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IMF is foreseeing a 40% reduction in employment worldwide due to the rapid advancement of AI.

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As technology continues to evolve at an unprecedented pace, the IMF's latest report sheds light on the potential impact of AI on various industries and occupations, raising concerns about the future of work for millions around the world.

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The IMF underscores that the integration of AI technologies into diverse sectors, ranging from manufacturing to service industries, is poised to bring about substantial changes in labor dynamics.

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Almost 40.0% of global employment is exposed to Artificial Intelligence, the International Monetary Fund has stated in its new analysis.

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Historically, it said, automation and information technology have tended to affect routine tasks, but one of the things that sets AI apart is its ability to impact high-skilled jobs.

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As a result, advanced economies face greater risks from AI—but also more opportunities to leverage its benefits—compared with emerging market and developing economies.

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In advanced economies, about 60% of jobs may be impacted by AI. Roughly half the exposed jobs may benefit from AI integration, enhancing productivity.

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For the other half, AI applications may execute key tasks currently performed by humans, which could lower labor demand, leading to lower wages and reduced hiring. In the most extreme cases, some of these jobs may disappear.

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In emerging markets and low-income countries, by contrast, AI exposure is expected to be 40 percent and 26 percent, respectively. These findings suggest emerging markets and developing economies face fewer immediate disruptions from AI.

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At the same time, the report said, many of these countries don’t have the infrastructure or skilled workforces to harness the benefits of AI, raising the risk that over time the technology could worsen inequality among nations.

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