"One of these was Kristalina Georgieva, managing director of the International Monetary Fund. In a panel conversation on Friday, Georgieva said that AI is already disrupting labor markets worldwide by shifting demand for skills employers seek, and might even boost earnings for some workers by improving productivity. But for others, especially younger people, the upshot is fewer entry-level tasks and a shrinking pool for jobs. For people new to the workforce, Georgieva said, AI is "like a tsunami hitting the labor market.""
"Georgieva cited IMF research that has found AI is likely to impact around 60% of jobs in advanced economies, and 40% globally. Of these, roughly half of exposed workers could stand to benefit from AI, but for the rest, key tasks that once required human input are likely to be automated. This could lead to lower wages and slower hiring. For entry-level roles, especially those requiring clerical tasks, AI could be a death knell."
Artificial intelligence is already disrupting labor markets by shifting employer demand for skills and boosting productivity for some workers while automating tasks that form many entry-level roles. Younger and new-to-workforce individuals face fewer entry-level opportunities and a smaller pool of placements, increasing barriers to good jobs. IMF research estimates AI could affect about 60% of jobs in advanced economies and 40% globally; roughly half of exposed workers may benefit while others face automation of key tasks. Potential consequences include lower wages, slower hiring, and job losses, with nearly 55,000 U.S. job cuts last year citing AI as a factor.
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