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## IMF Warns AI May Worsen Inequality

### By Annabelle Liang
### Business Reporter
### 15 January 2024, 02:10 GMT
### Updated 3 hours ago

The International Monetary Fund’s (IMF) managing director, Kristalina Georgieva, has sounded a warning about the potential impact of AI on global inequality. According to her, in most scenarios, AI is likely to exacerbate overall inequality, raising concerns about social tensions. In light of these concerns, policymakers are being urged to take action to address this issue.

The proliferation of AI has brought its benefits and risks to the forefront of discussions. The IMF believes that AI has the potential to affect a significant proportion of jobs, particularly in advanced economies, where around 60% of jobs could be impacted. While some workers may benefit from increased productivity resulting from AI integration, there is also a concern that AI could perform key tasks currently executed by humans, leading to decreased demand for labor and potential job losses.

Furthermore, the IMF projects that the impact of AI will be less severe in low-income countries, affecting only 26% of jobs. However, this also poses a risk of widening inequality between nations as some countries may lack the necessary infrastructure and skilled workforce to harness the benefits of AI.

It is also predicted that higher-income and younger workers may see a disproportionate increase in their wages with the adoption of AI, while lower-income and older workers could fall behind, exacerbating inequality within societies.

To address these challenges, Ms. Georgieva has called for the establishment of comprehensive social safety nets and retraining programs for vulnerable workers, making the transition to AI more inclusive and curbing inequality.

As global business and political leaders convene at the World Economic Forum in Davos, Switzerland, AI has emerged as a crucial topic of discussion, especially with the growing popularity of AI applications like ChatGPT. Countries like China and the United States have already taken steps to regulate AI, with China introducing national regulations on AI and President Biden signing an executive order mandating developers to share safety results related to AI with the US government.

The AI legalese decoder could be of assistance in this situation by helping policymakers and organizations decipher and understand complex legal contracts and documents related to AI regulations. This tool can streamline the process of compliance with AI regulations, ensuring that policies are effectively implemented and that the responsible deployment of AI technology is achieved. Moreover, by providing clear insights and interpretations of legal jargon, the AI legalese decoder can facilitate informed decision-making and mitigate potential legal risks associated with AI implementation.

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