We are absolutely standing at the doorway of a transformational technological leap that is going to redefine businesses and bring global economic growth beyond what was ever thought possible, improving incomes worldwide. This is the age of Artificial Intelligence defined by fast-advancing technology instilling anticipation and concern, reshaping industries, and holding great implications for any sort of definition in the future of jobs and the global economy. Let us begin the journey to explore how AI is reshaping our world.
According to experts, AI could affect around 40 percent of worldwide jobs. For the wealthy countries, like the United States and Europe, where there are high-tech job concentrations, up to 60 percent will change with the impact of AI. For some, AI could make workers more productive by increasing job efficiency and adding profits to the companies; for others, particularly routine ones, AI may take over and reduce employment or lower wages.
Though in the case of poor countries, it won’t be that high initially. They might face only about 40% job disruption from machines. Again, though these countries are prone to stay back in harnessing the power of AI due to lack of proper technology and lack of skillful workers. This would increase inequality across countries over time.
AI can also deepen income inequality within countries. Workers who can use AI to do their jobs better will make more money; those persons who can’t will fall behind. This will create a depressing-expanded chasm between the poor and the rich. The general skills of younger workers, who grew up with technology, can be easily applied to AI, while older ones find it very difficult to learn new skills.
Unless governments do something about this, it is most likely that AI will worsen the current trend of inequality. Governments have to set up programmes that assist in acquiring new skills, ensuring an equal chance for all to benefit from AI.
Countries need to be readied for AI through investment in things like digital technology and education. To this end, the IMF has devised an index of AI preparedness, which gauges countries’ readiness. The better performing countries, like Singapore and the US, happen to be rich ones with more money to spend on new technologies and training.
Poor countries need a good foundation first, such as better access to the internet and increased computer literacy. That would make it easier for them to make use of AI and hence ensure all of us are rendering benefits from AI.
In a nutshell, AI has huge potential and is definitely going to change the way business is executed and jobs are performed. It has the potential to make the economy strong, but it is also sure to bring problems like job losses and inequality. Being high school students, we should at least know how AI works and what AI means for our careers in the future. We must prepare now and fight for policies that will make it fair for all people to experience benefits from AI and not just a few.
Author – Pearl Suchdeva
Welham Girls School
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