Artificial Intelligence (AI) is probably the world’s most overrated concept now. From medical devices to metalworking equipment, AI has a stake in every pie.

The world has been on tenterhooks on which jobs would be taken over by AI. BBC quoted a report by investment bank Goldman Sachs suggested that AI could replace the equivalent of 300 million full-time jobs across the globe. It concluded many administrative, legal, architecture, and management roles could be affected.

The emergence of AI is hitting the global labour force “like a tsunami” according to International Monetary Fund (IMF) Managing Director Kristalina Georgieva. AI is likely to impact 60% of jobs in advanced economies and 40% of jobs around the world, Georgieva remarked recently at an event in Zurich organised by the Swiss Institute of International Studies. 

“We have very little time to get people ready for it, businesses ready for it, it could bring tremendous increase in productivity if we manage it well, but it can also lead to more misinformation and, of course, more inequality in our society,” Georgieva reiterated.

Ongoing Challenges

While we accept Machine Learning (ML) and AI has become part of our lives, we need to recognise it is still undergoing training. Asking a software to make smart decisions in any situation requires astronomical graphic processors and capital — which may take years before we get there. It is very hard to recreate a program to be human-like will be a big challenge even for the most sophisticated AI engineers.

General Motors’ Cruise, best known for its autonomous driving technology is back on the roads. It earlier suspended operations after hitting a pedestrian in San Francisco.

This time, when Cruise resumes operating, there will be a “safety driver” at the wheel — a safety precaution in case of emergency. Cruise reportedly said it updated its software to better respond to such incidents in the future. Cruise’s Chief Executive and other executives also resigned and the company laid off nearly a quarter of its workforce in the weeks after the accident. 

BBC added Cruise’s own investigation, commissioned through the law firm of Quinn Emanuel Urquhart & Sullivan, cited a number of faults with Cruise including an “us versus them” attitude toward regulators, and a “myopic focus” on avoiding blame in the incident.

“We acknowledge that we have failed to live up to the justifiable expectations of regulators and the communities we serve,” Cruise wrote in its blog post on the report at the time. “In doing so, we also fell woefully short of our own expectations.”

Growing Pains

AI’s entry into automotive, aviation, and the latest in dating apps. Bumble’s founder, Whitney Wolfe Herd — who recently stepped down as CEO — recently addressed how the dating app will utilise artificial intelligence while appearing at The Bloomberg Technology Summit, the New York Post reported. Herd added the app will use the advanced technology to help swiping singles narrow down their matches and not just improve people’s flirting, but also do it for them.

“There is a world where your dating concierge could go and date for you, with another dating concierge… You don’t have to talk to 600 people. It will go scan all of San Francisco for you and say, ‘These are the three people you really ought to meet.’ That’s the power of AI when harnessed the right way,” Wolfe Herd said according to The Independent. 

This new feature could help the wave of singletons reporting dating fatigue who have become exhausted by the disposable dating culture of seemingly endless matches. As AI continues to integrate into diverse sectors, from transportation to personal relationships, its potential to transform our daily lives becomes increasingly evident.

While the journey towards seamless and sophisticated AI applications is ongoing, the advancements showcased by leaders like Whitney Wolfe Herd illustrate the promising future ahead. We are on the cusp of a new era where technology not only augments our abilities but also reshapes our interactions and connections. However, we cannot afford to forget being vigilant in the event of the unexpected.

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Japan’s slipping into a recession was due to the country’s gross domestic product (GDP) contracted by a worse-than-expected 0.4% in the last three months of 2023, compared to a year earlier. It came after the economy shrank by 3.3% in the previous quarter. The figures from Japan’s Cabinet Office also indicate that the country has lost its position as the world’s third-largest economy to Germany.

Economists had expected the new data to show that Japan’s GDP grew by more than 1% in the fourth quarter of last year. The latest figures were the first reading of Japan’s economic growth for the period and could still be revised. Two quarters in a row of economic contraction are typically considered the definition of a technical recession.

In October, the International Monetary Fund (IMF) forecast that Germany was likely to overtake Japan as the world’s third-largest economy when measured in US dollars only to be shocked by the economic performance. The IMF will only declare a change in its rankings once both countries have published the final versions of their economic growth figures. It began publishing data comparing economies in 1980.

Economist Neil Newman told the BBC that the latest figures show that Japan’s economy was worth about $4.2tn (£3.3tn) in 2023, while Germany’s was $4.4tn. This was due to the weakness of the Japanese currency against the dollar and that if the yen recovers, the country could regain the number three spot, Mr Newman added.

At a press conference in Tokyo this month, the IMF’s deputy head, Gita Gopinath, also said an important reason for Japan potentially slipping in the rankings was the yen falling by about 9% against the US dollar last year. However, the weakness of the yen has helped to boost the share prices of some of Japan’s biggest companies as it makes the country’s exports, such as cars, cheaper in overseas markets.

This week, Tokyo’s main stock index, the Nikkei 225, crossed the 38,000 mark for the first time since 1990, when a collapse in property prices triggered an economic crisis. The Nikkei 225’s record high of 38,915.87 was set on 29 December 1989. The latest GDP data may also mean that the country’s central bank may further delay a much-anticipated decision to raise the cost of borrowing. The Bank of Japan introduced a negative interest rate in 2016 as it tried to boost spending and investment.

Negative rates make the yen less attractive to global investors, which has pushed down the currency’s value — making the recession a reputational blow for the country. 

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Source: BBC

IMF’s Managing Director Kristalina Georgieva says, “In most scenarios, AI will likely worsen overall inequality”. She added policymakers should address the “troubling trend” to “prevent the technology from further stoking social tensions”. The proliferation of AI has put its benefits and risks under the spotlight, according to a study.

The IMF said AI is likely to affect a greater proportion of jobs – put at around 60% – in advanced economies. In half of these instances, workers can expect to benefit from the integration of AI, which will enhance their productivity. In other instances, AI will have the ability to perform key tasks that are currently executed by humans. This could lower demand for labour, affecting wages and even eradicating jobs.

Meanwhile, the IMF projects that the technology will affect just 26% of jobs in low-income countries. It echoes a report from Goldman Sachs in 2023, which estimated AI could replace the equivalent of 300 million full-time jobs – but said there may also be new jobs alongside a boom in productivity.

Ms Georgieva said: “Many of these countries don’t have the infrastructure or skilled workforces to harness the benefits of AI, raising the risk that over time the technology could worsen inequality among nations.”

More generally, higher-income and younger workers may see a disproportionate increase in their wages after adopting AI. Lower-income and older workers could fall behind, the IMF believes.

“It is crucial for countries to establish comprehensive social safety nets and offer retraining programmes for vulnerable workers. In doing so, we can make the AI transition more inclusive, protecting livelihoods and curbing inequality,” Ms Georgieva said.

The IMF analysis comes as global business and political leaders gather at the World Economic Forum in Davos, Switzerland. AI is a topic of discussion, following the surge in popularity of applications like ChatGPT. The technology is facing increased regulation around the world. Last month, European Union officials reached a provisional deal on the world’s first comprehensive laws to regulate the use of AI.

China has introduced some of the world’s first national regulations on AI, which include rules concerning how algorithms can be developed and deployed. In October, President Biden signed an executive order compelling developers to share safety results relating to AI with the US government.

The following month the UK hosted an AI Safety Summit, at which at a declaration on the safe development of the technology was signed by multiple countries.

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The post IMF: AI To Hit 40% Of Jobs And Worsen Inequality appeared first on Asia Pacific Metalworking Equipment News | Manufacturing | Automation | Quality Control.

Currently, the company is looking to produce an average of 10 airplanes a year and would be delivering four plants in 2019. Senegal has already purchased a CN 235 plane worth US$25 million while Nepal had purchased a CN 235 with maritime patrol configuration that is priced at $30 million and Thailand had purchased two N 219 planes worth $13 million each.

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