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The launch of ChatGPT by OpenAI in 2022 served as a catalyst in promoting the narrative that generative AI will eventually replace human jobs. Since then, industry experts and developers have discussed the possibility of it becoming a reality, with many calling on governments around the world to regulate the technology.

Now, IMF chief Kristalina Georgieva told AFP that artificial intelligence poses a threat to job security on a large scale, but in the meantime, it has the potential to empower global growth and even boost productivity across all sectors. It also presents a “tremendous opportunity”. According to AFP, Georgieva believes AI will impact 60% of jobs in advanced economies and about 40% of jobs in developing countries.

Separately, the IMF also said that about half of all jobs would be negatively impacted, while the rest would be boosted by increased productivity brought about by AI. Furthermore, AI is less likely to benefit labor markets in emerging economies.

“Your job could be completely eliminated – not a good one – or artificial intelligence could enhance your job, so you would actually be more productive, and your income level could increase,” Georgieva said. He added, “We must focus particularly on helping low-income countries move forward quickly to be able to seize the opportunities offered by artificial intelligence.”

He believes artificial intelligence can be a little scary, but in the meantime, it presents a “tremendous opportunity.”

Re-skill yourself to keep up with market trends

In August last year, IBM reported that 40 percent of global workers would need to be reskilled over the next three years due to artificial intelligence (AI) and automation. However, it also says that jobs will be augmented rather than replaced by AI.

The report further said that entry-level jobs and senior management roles in various sectors such as customer service, risk management and finance will be affected. Therefore, companies and executives must learn to adopt new skill sets, rethink roles, and even focus on the basics of getting the job done.

Additionally, machine-human partnerships, value creation and implementation of technology that enables employees to focus on revenue and high-value tasks will also help mitigate the impact of AI.

There are other key areas that are gaining popularity as AI grows, such as the role of an AI prompt engineer, which may be lucrative. Skills in the fields of data science, robotics and machine learning may also be useful. Therefore, it is paramount to recognize and continue learning, and ensure that one’s skill set remains updated to avoid being displaced by generative AI.