Bill Gates, co-founder of Microsoft, talks about the impact of artificial intelligence on jobs: It is great for white-collar workers and programmers

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The ice park at this year’s World Economic Forum is filled with big-name tech companies like Intel, Salesforce and Qualcomm touting a future fueled by artificial intelligence.

Such activity may be a harbinger of what is to come for the global labor market as powerful technology spreads throughout society.

“I found it to be a real increase in productivity,” Microsoft co-founder Bill Gates said in an exclusive interview with Yahoo Finance Live in Davos, Switzerland, on Monday.

“Similarly, for programmers, you see productivity improvements of 40% and 50% which means you can get software [done] Sooner. You can make it higher quality and make it better. So what we’re going to see mostly is white-collar productivity [workers] “It will rise.”

At this year’s annual Thought Fest, the mood around AI’s impact on the job market was indecisive at best.

About 40% of the global workforce is exposed to artificial intelligenceAccording to a new report issued by the International Monetary Fund on Sunday before the conference.

In advanced economies, approximately 60% of jobs are exposed to AI due to the proliferation of “cognitive task”-oriented jobs. The IMF said overall exposure was 40% in emerging markets and 26% in low-income countries.

Although many emerging market and developing economies may face less immediate AI-related disruptions, the IMF argues that they are also prepared to leverage the benefits of AI. The study concluded that this could “exacerbate” the “digital divide” and “income inequality between countries.”

International Monetary Fund Director Kristalina Georgieva he told Yahoo Finance Live Older workers could see a significant impact from widespread AI adoption and may need a social safety net.

“You have to be able to support those who fall off the cliff because their jobs have been wiped out. We also look at those who [is] Most adaptable. It is clear that in the younger generation, in some areas, women are more able to adapt, but in other areas less. Georgieva explained that the older generation may need more support to catch up with this new world.

Other higher minds believe that business outcomes are uncertain but tend toward the negative despite potential increased productivity.

“A lot of jobs will be lost,” Kenneth Rogoff, chair of Harvard University’s Department of International Economics, told Yahoo Finance Live at the World Economic Forum. “AI is a wildcard.”

It certainly seems so.

Davos 2024

Brian Susie He is the executive editor of Yahoo Finance. Follow Sozzi on Twitter/X @Brian Susie and on LinkedIn. Advice on deals, mergers, activist positions, or anything else? Email brian.sozzi@yahoofinance.com.

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