Tuesday, July 16, 2024

ARGENTINA | 25-06-2024 16:31

IMF ranking issues artificial intelligence warning for Argentina's economy

IMF ranking places Argentina only ahead of three countries in Latin America and far from regional leader Uruguay.

Argentina is far from prepared for the integration of artificial intelligence into its economy, according to a report published on Tuesday by the International Monetary Fund (IMF).

“AI is ready to remodel the global economy. It may increase productivity, boost economic growth and raise income. But it also has the potential to eliminate jobs and widen inequality,” warned IMF Managing Director Kristalina Georgieva as she presented a new report on Tuesday.

According to the IMF chief, “measuring preparedness is a challenge, partly because the institutional requirements for AI integration into the entire economy are still uncertain.”

“Different countries are at different stages of preparedness to make use of the potential benefits of AI and to manage risks,” she added.

The IMF has prepared a global ranking using different parameters to define the readiness of a country for integrating AI.

The best ranked are in the Nordic countries and the United States and Canada, with values between 0.75 and 0.77 points from a scale ranging from 0 to 0.8 and beyond.

In Latin America, Argentina came in sixth, only ahead of three countries. Regional measurements placed Uruguay at the top with 0.55; followed by Brazil at 0.5; Chile at 0.59; Peru at 0.49; Colombia at 0.49; Argentina at 0.47; Ecuador at 0.44; Paraguay at 0.41; and Bolivia at 0.38.

The IMF warned that “in most scenarios, AI will probably worsen general inequality, a worrying trend which policymakers can work on to prevent.”

“Diagrammed rankings are a resource for policymakers, researchers and the public to be able to evaluate AI preparedness better, and, more importantly, to identify actions and design the necessary policies to help ensure that quick AI advances can benefit everyone,” the body considered.

According to the IMF, “in advanced economies, for instance, around 30 percent of employment can benefit from AI integration.”

“Workers who can make use of the technology can see wage rises or greater productivity, while those who cannot can be left behind,” it added.

At the same time, it held that “younger workers can find it easier to seize opportunities, whereas older workers could find it more difficult to adapt."

As for emerging markets, it stated that “the political priority ought to be to lay a solid foundation by investing in digital infrastructure and digital training for workers.”

IMF research shows that AI could endanger 33 percent of jobs in advanced economies, 24 percent in emerging economies, and 18 percent in low-income countries.



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