Tech

‘Nearly 40% of global employment deemed exposed to AI’

Published

3 months ago

Farwa

The imminent integration of artificial intelligence (AI) into the global economy holds the promise of unprecedented productivity, economic growth, and increased incomes, International Monetary Fund (IMF) Managing Director Kristalina Georgieva wrote in a blog for the global lender’s website.

However, she added that this transformative wave also raises concerns about job displacement and deepening inequalities. The IMF emphasises the need for proactive policies to harness AI’s potential for the benefit of humanity while addressing its potential pitfalls.

Reshaping nature of work

IMF’s recent analysis delves into AI’s potential impact on the global labour market, acknowledging its complex ramifications. Nearly 40% of global employment is deemed exposed to AI, with advanced economies facing both higher risks and greater opportunities compared to emerging markets.

The study indicates that approximately 60% of jobs in advanced economies may be affected by AI, with half potentially benefiting from increased productivity while the other half faces potential job displacement, lower wages, and reduced hiring.

Nearly 40% of global employment deemed exposed to AI

Inequality challenges

AI exposure in emerging markets and low-income countries is expected to be 40% and 26%, respectively, suggesting fewer immediate disruptions.

However, the lack of infrastructure and skilled workforces in these regions poses a risk of widening global inequality over time. Within countries, AI could contribute to income and wealth polarisation, favouring workers adept at leveraging AI while potentially leaving others behind.

Proactive policy recommendations

Recognising the potential exacerbation of inequality, the IMF urges policymakers to establish comprehensive social safety nets and retraining programs to ensure an inclusive AI transition. The organisation emphasises the importance of proactive measures to prevent AI from widening societal divisions.

AI preparedness index

To guide countries in crafting effective policies, the IMF has developed an AI Preparedness Index, evaluating readiness in areas such as digital infrastructure, human capital, innovation, and regulation. Wealthier economies, including Singapore, the United States, and Denmark, tend to be better equipped for AI adoption.

The index serves as a tool for advanced economies to prioritise AI innovation while developing robust regulatory frameworks, and for emerging economies to focus on foundational investments in digital infrastructure and a digitally competent workforce.

As AI rapidly integrates into global businesses, the IMF underscores the significance of inclusive policies to navigate the transformative era, ensuring that AI brings prosperity to all.

Latest News

Punjab will provide fifty thousand solar kits.

Published

1 month ago

Farwa

On Tuesday,Tuesday, while presiding over a review meeting on solar household solutions, the CM gave the order to begin the installation of one kilowatt solar systems right away. She also gave the order to introduce the newest solar systems.

Phase-I solar systems would be balloted for by 50,000 protected users who use 100 units each month, at a cost of Rs 12.6 billion.

Home-based solar systems will eventually be made available to other Punjabi consumers. A solar system will consist of a battery, inverter, sophisticated solar plate, and more related accessories.

Attending the meeting were Provincial Information Minister Azma Zahid Bukhari, MPA Sania Ashiq, Former Senator Pervaiz Rashid, Chief Secretary, Chairman Planning and Development, Secretaries of Energy, Finance, and Punjab Power Development Board (PPDB) Managing Director, in addition to other pertinent officers.

During his inaugural speech as Punjab’s chief minister, Maryam Nawaz outlined her five-year plan and promised to develop a strategy for customers who use fewer than 300 units of power.

According to Maryam Nawaz, the PML-N’s main goals for her term will be to provide jobs, healthcare, and education.

She said, “I am working on a plan to provide solar panels to consumers using up to 300 units of electricity or less in installments.”

Pakistan

There will be free WiFi in public parks.

Published

1 month ago

Farwa

The discussion on the province’s capital city’s beautification was chaired by Chief Minister Ali Amin Gandapur.

CM Gandapur gave the pertinent authorities instructions at the meeting to complete the arrangements and submit the free WiFi service plan for the province government’s approval.

In the following phase, he said, the service will be extended to more cities. In addition, the chief minister gave the Peshawar Development Authority instructions to create a beatification plan for the city.

The meeting voted to launch a Bus Rapid Transit (BRT) service on Nasir Bagh Road in the province capital with the goal of facilitating the easy mobility of the population.

CM Gandapur pushed for the installation of underpasses rather than overhead bridges and ordered the city’s street lights to be converted to solar power.

The chief minister gave the order to begin work on the road around the BRT Corridor at University Road as well as the building of the remaining section of Warsak-Nasir Bagh Road right away.

In order to promote KP’s culture, he also oversaw the installation of fake plants on all road walks and painted headbridges and walls with designs.

The chief minister of KP gave the order to approach business organizations for assistance in this respect.

Pakistan

FM Ishaq Dar praises IAEA for using nuclear technology in a “peaceful” manner

Published

1 month ago

Farwa

During a meeting with IAEA Director General (DG) Rafael Mariano Grossi outside the Nuclear Energy Summit in Brussels, Pakistan, a founding member of the Agency, stressed the importance of the Agency’s work.

He stated that Pakistan placed a high value on the Agency’s efforts as a founding member.

The foreign minister also emphasized Pakistan’s goal to increase the proportion of nuclear energy in the country’s energy mix and the significance of nuclear energy in the fight against climate change.

Ishaq Dar went on to stress the importance of the Agency’s technical cooperation initiatives, to which Pakistan makes a major contribution as well.

According to the foreign minister, banks and other international financial institutions should support nuclear energy projects in developing nations so that those countries may meet their energy needs and meet their zero emissions commitments.

He requested that the IAEA continue raising global understanding of the benefits of nuclear energy as a clean energy source.

The director general of the IAEA commended Pakistan for its cooperation. Rafael Mariano Grossi continued by saying that Pakistan is essential in helping emerging nations by sharing knowledge and experience.

He acknowledged that there was a problem with financing nuclear projects and promised to work with international financial institutions to find a solution as quickly as possible.

The director general of the IAEA reflected fondly on his visit to Pakistan earlier in the year, when he inspected the country’s facilities and witnessed firsthand its progress in the peaceful applications of nuclear technology.