A new International Monetary Fund (IMF) report has assessed countries’ capacity to rapidly introduce artificial intelligence (AI) into their economies, reiterating a call for policymakers to ensure that the life-changing technology “benefits everyone.”
“In most scenarios, AI is likely to exacerbate overall inequality, a troubling trend that policymakers can work to prevent,” the IMF said in a blog post about the data. “The dashboard therefore responds to significant interest from stakeholders who want to access the index.”
The index measures a country’s AI readiness through four key measures: digital infrastructure, human capital and labor market policies, innovation, and economic integration and regulation.
The index rates countries into five categories on a scale from 0 to 1, with higher scores indicating better AI readiness, and 174 countries were assessed.
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Workers work at an intelligent furniture factory that uses 5G and artificial intelligence technology in Ganzhou, Jiangxi province, China, on October 21, 2020. (Liu Zhankun/China News Service via Getty Images)
According to these assessments, the United States and the Netherlands top the list of preparedness scores with a score of 0.77. Other highly rated countries are Finland and Estonia with 0.76, New Zealand, Germany and Sweden with 0.75, and Australia, Japan and Israel with 0.73.
Taiwan, a center of semiconductor production and manufacturer of cutting-edge microprocessors, received a surprising rating of 0.67.
Western rivals received lower ratings: China at 0.64, Russia at 0.56, Iran at 0.38 and Venezuela at 0.27.
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India, an industrial powerhouse that has risen rapidly through the ranks of major economies and is set to overtake the UK to become the fifth largest economy from 2022, has a rating of 0.49.
The countries at the bottom, or least ready to adopt AI, were South Sudan with a score of 0.11, Afghanistan with a score of 0.13, the Central African Republic (CAR) and Somalia with a score of 0.2. All other countries received a score of 0.25 or above.
Doctors using AI document management concept. (iStock)
For countries like Afghanistan, the IMF lacks data on their economies, which may skew some of the data. Countries like North Korea, Yemen, Eritrea and Turkmenistan are not shown on the map because there is “no data” for them.
The IMF warned that collecting and synthesizing data has proven “challenging,” and noted that “the institutional requirements for integrating AI throughout the economy remain uncertain.”
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“As the dashboard shows, countries are at different stages of readiness to harness the potential benefits and manage the risks of AI,” the IMF wrote.
“For example, around 30 percent of jobs in advanced economies could benefit from the adoption of AI,” the IMF explained. “Workers who can harness the technology could see higher wages and greater productivity, while those who cannot could be left behind.”
Nvidia is developing real-world robots with artificial intelligence capabilities. (Justin Sullivan/Getty Images)
“Younger workers may find it easier to take advantage of opportunities, but older workers may struggle to adapt,” he added.
Previous IMF analysis has determined that AI will transform about 40% of global employment, which is consistent with the historical impact of automation and advances in information technology. But what sets AI apart as a challenge is the fact that it will also affect highly skilled jobs. In developed countries, up to 60% of jobs could be affected.
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In a new analysis, the IMF recommended that more advanced economies consider expanding social security nets, investing in worker training, and prioritizing AI innovation and integration.
“Working together globally, these countries should strengthen regulation to protect people from potential risks and abuses and build trust in AI,” the IMF said. “A policy priority for emerging and developing economies is to build a strong foundation by investing in digital infrastructure and the digital training of workers.”
