Artificial Intelligence (AI) is set to affect 40 per cent of all jobs in emerging market economies such as Jamaica, according to an analysis done by the International Monetary Fund (IMF).

In the report published on Sunday, January 14, the IMF said in advanced economies, also known as the developed world, “approximately 60 per cent of jobs are exposed to AI primarily due to the prevalence of cognitive-task-oriented occupations and in low-income countries 26 per cent are exposed”.

The IMF added, “A new measure of potential AI complementarity suggests that about half of these jobs may be negatively affected while the rest could experience enhanced productivity through AI integration.”

Although the specific consequences of AI on economies and societies are difficult to predict, countries must align their priorities with their development levels to fully capitalise on AI’s potential. The adoption of AI is expected to boost total income through gains in productivity.

Wealth inequality is also at risk of being amplified if high-wage earners experience a more-than-proportional increase in their labour income, warned the IMF, which recommends social safety nets and retraining programmes for AI-susceptible workers for inclusivity across all economies.

Advanced and more developed emerging market economies are advised to invest in AI innovation and integration, along with developing regulatory frameworks. Less prepared economies should focus on foundational infrastructural development and building a digitally skilled labour force.