In the global economic discourse, few topics evoke as much fascination, apprehension, and debate as the rise of artificial intelligence (AI). From corporate boardrooms to the halls of international summits, the specter of AI and jobs looms large, casting its shadow over the future of work, economies, and societies.
The recent pronouncements of Kristalina Georgieva, the Chief of the International Monetary Fund (IMF), at the World Governments Summit held in Dubai, have reignited the perennial conversation around AI’s implications on jobs.
With a tone of urgency, Georgieva asserted that nearly 40 per cent of jobs worldwide stand on the precipice of disruption in the coming years due to the relentless march of AI.
“This is like a tsunami hitting the labour market,” Georgieva said at WGS. “Some jobs will disappear altogether, jobs we do not know exist will come, and some jobs will be diminished.”
Preparedness to take on AI
Her sentiments reverberated across the global stage, echoing the concerns of policymakers, economists, and workers alike.
She stated, “We have countries like the UAE that are much better prepared, but most countries are falling behind. We can only take advantage of opportunities if we are ready for them. Digital infrastructure and its accessibility to everyone is very important in terms of skills development for the new world of AI.”
A confluence of factors underscores the urgency of preparing for AI’s inexorable advance. A study suggests that by 2030, AI could inject a staggering $15.7 trillion (about $48,000 per person in the US) into the global economy, a testament to its transformative potential.
However, the World Economic Forum (WEF) cautions that over the next five years, approximately 23 per cent of jobs could be imperiled by the disruptive forces of technological innovation, including AI.
Georgieva issued a clarion call to nations worldwide, urging them to fortify their digital infrastructure and equip their workforces with the skills necessary to navigate the tumultuous seas of the AI revolution.
“The level of preparedness for the arrival of AI is very different across the world,” she cautioned. “We can only take advantage of opportunities if we are ready for them. Digital infrastructure and its accessibility to everyone is especially important in terms of skills development for the new world of AI.”
Adaptation of AI in the Middle East
As the discourse unfolds, the Middle East emerges as a crucible of innovation and adaptation in the age of AI. With stalwart nations like the UAE, Saudi Arabia, and Qatar at the vanguard of AI investment and research, the region has become a laboratory for pioneering applications across diverse sectors.
Industries spanning healthcare, finance, transportation, and logistics are harnessing the transformative power of AI to optimize operations, enhance efficiency, and unlock new frontiers of discovery.
In the healthcare sector, AI is revolutionizing drug discovery, medical diagnosis, and personalized patient care, ushering in an era of unprecedented precision and efficacy.
Similarly, in the banking and finance sectors, AI is driving seismic shifts in customer service, fraud detection, and risk management. The UAE’s National Bank of Ras Al Khaimah (RAKBANK) is deploying chatbot technology to deliver round-the-clock customer support and streamline financial transactions.
Meanwhile, transportation and logistics are experiencing a renaissance propelled by AI-driven innovations in route optimization, predictive maintenance, and autonomous vehicles.
Saudi Arabia’s ambitious NEOM smart city project exemplifies this vision, leveraging AI and automation to create a blueprint for urban efficiency and sustainability.
The impact on jobs
Yet, amidst the promise of progress, lingering concerns loom large on the horizon. Foremost among these is the specter of job displacement and automation, as AI technologies threaten to supplant traditional roles and workflows with unprecedented efficiency and precision.
While the advent of AI promises to engender new job opportunities in fields such as data science, AI engineering, and technology training, it also poses existential challenges to workers grappling with the specter of obsolescence and displacement.
Against this backdrop of uncertainty, the World Governments Summit of 2024 assumes heightened significance as a crucible for dialogue, innovation, and collective action. With over 100 luminaries and leaders from the forefront of AI research and development in attendance, the summit aims to chart a course towards an inclusive, equitable future shaped by the transformative potential of AI.
In her remarks, Georgieva underscored the factors shaping the economic trajectory of the Middle East and North Africa, citing short-term cuts in oil production, geopolitical tensions, and tight monetary policies as key drivers of subdued growth.
