AI is destroying jobs – and the energy crisis could make that much worse | Larry Elliott
Summary
The rise of artificial intelligence (AI) is changing how businesses operate by replacing older technologies and some jobs. However, recent global events like the conflict in the Middle East and rising energy costs are making job losses due to automation happen faster and on a larger scale. While new technology has created jobs in the past, there is uncertainty about whether this will continue with AI.Key Facts
- AI technologies can think and learn, which increases the potential for economic disruption.
- Historically, new technology has replaced old jobs but eventually created more new ones.
- Governments usually have time to help workers adjust by investing in skills and strategies, but current global challenges limit this.
- Rising energy prices and shortages due to conflict in the Middle East are raising costs for businesses.
- Higher business costs and available AI tools encourage companies to replace workers with machines.
- The International Monetary Fund lowered its global growth forecasts and warned of a possible recession.
- Some experts worry AI might destroy better-paid jobs and leave humans with lower-paid, less skilled work.
- The overall impact of AI on jobs depends on whether it helps people do their work or makes them unnecessary.
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