IMF Warns AI Could Displace 40% of Global Jobs in Developing Economies

The International Monetary Fund, IMF, and World Bank have cautioned that Artificial Intelligence, AI, may intensify job losses in Nigeria and other developing economies without immediate action from governments and businesses to prepare workers and integrate technology for employment.

IMF Managing Director Kristalina Georgieva described AI as a 'slow-moving tsunami' during the IMF-World Bank Annual Meetings in Bangkok, Thailand, noting that approximately 40 per cent of global jobs could be augmented, downgraded, or eliminated by AI, with impacts varying by economy and occupation.

World Bank Group President Ajay Banga emphasized the institution’s focus on ensuring economic development creates employment, stating AI should enhance productivity and job creation rather than replace workers.