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‘Nearly 40% of global employment deemed exposed to AI’

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The imminent integration of artificial intelligence (AI) into the global economy holds the promise of unprecedented productivity, economic growth, and increased incomes, International Monetary Fund (IMF) Managing Director Kristalina Georgieva wrote in a blog for the global lender’s website.  

However, she added that this transformative wave also raises concerns about job displacement and deepening inequalities. The IMF emphasises the need for proactive policies to harness AI’s potential for the benefit of humanity while addressing its potential pitfalls.

Reshaping nature of work

IMF’s recent analysis delves into AI’s potential impact on the global labour market, acknowledging its complex ramifications. Nearly 40% of global employment is deemed exposed to AI, with advanced economies facing both higher risks and greater opportunities compared to emerging markets.

The study indicates that approximately 60% of jobs in advanced economies may be affected by AI, with half potentially benefiting from increased productivity while the other half faces potential job displacement, lower wages, and reduced hiring.

Nearly 40% of global employment deemed exposed to AI

Inequality challenges

AI exposure in emerging markets and low-income countries is expected to be 40% and 26%, respectively, suggesting fewer immediate disruptions.

However, the lack of infrastructure and skilled workforces in these regions poses a risk of widening global inequality over time. Within countries, AI could contribute to income and wealth polarisation, favouring workers adept at leveraging AI while potentially leaving others behind.

Proactive policy recommendations

Recognising the potential exacerbation of inequality, the IMF urges policymakers to establish comprehensive social safety nets and retraining programs to ensure an inclusive AI transition. The organisation emphasises the importance of proactive measures to prevent AI from widening societal divisions.

Nearly 40% of global employment deemed exposed to AI

AI preparedness index

To guide countries in crafting effective policies, the IMF has developed an AI Preparedness Index, evaluating readiness in areas such as digital infrastructure, human capital, innovation, and regulation. Wealthier economies, including Singapore, the United States, and Denmark, tend to be better equipped for AI adoption. 

The index serves as a tool for advanced economies to prioritise AI innovation while developing robust regulatory frameworks, and for emerging economies to focus on foundational investments in digital infrastructure and a digitally competent workforce.

As AI rapidly integrates into global businesses, the IMF underscores the significance of inclusive policies to navigate the transformative era, ensuring that AI brings prosperity to all.

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Bitcoin makes its first breach of $94,000.

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As news broke that Donald Trump’s social media company was in negotiations to acquire cryptocurrency trading platform Bakkt (BKKT.N), Bitcoin surged to a record high above $94,000, adding to optimism that the next Trump administration would be cryptocurrency-friendly.

This year, Bitcoin, the largest and most well-known cryptocurrency in the world, has more than doubled in value. Just before the close of the previous session, it reached a record high of $94,078 before closing at $92,104 in Asian hours on Wednesday.

According to the Financial Times, which cited two persons with knowledge, NYSE-owner Intercontinental Exchange (ICE.N) is supporting Trump Media and Technology Group (DJT.O), opens new tab, which runs Truth Social, in its pursuit of an all-stock purchase of Bakkt.

In addition to traders taking advantage of the first day of options trading on the Nasdaq over BlackRock’s Bitcoin ETF (IBIT.O), Tony Sycamore, market analyst at IG, stated that the Trump deal chatter had helped push bitcoin to a record high.

As traders hoped that President-elect Trump’s pledged support for digital assets would result in a less stringent regulatory framework and give bitcoin a boost after a sluggish few months, cryptocurrencies have surged since the U.S. election on November 5.

According to data and analytics aggregator CoinGecko, the global cryptocurrency market is now worth over $3 trillion, a new high, due to the growing excitement.

Australian online broker Pepperstone’s head of research, Chris Weston, stated that there is genuine underlying purchasing pressure on bitcoin and that “another kick higher should bring in a fresh chase from those who like to buy what’s strong.”

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The PTA discloses how many VPNs are registered in Pakistan.

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Speaking at the Senate Standing Committee on IT meeting in Islamabad, which was presided over by Palwasha Khan, was the PTA chief.

The continuous regulation of Virtual Private Networks (VPNs) in Pakistan was the main topic of discussion. The committee called for the next meeting and voiced concerns about the Minister of State for IT’s absence for the third consecutive session.

“We have spent the last two years developing VPN legislation. Uninterrupted internet connection is guaranteed by registered VPNs without sacrificing privacy, according to the PTA chairman.

During the session, Senator Muhammad Humayun criticized the measures, saying, “Shutting down platforms like X (formerly Twitter) is jeopardizing the entire IT industry and impacting the livelihoods of over 2.5 million individuals in Pakistan.”

He opposed laws that would hurt independent contractors and small companies.

Although the PTA promised that registered VPNs would not experience internet outages, committee members wanted to know the exact legal foundation for these regulations. Senator Kamran Murtaza asked for documents that detailed the requirements for registration.

“If VPN services are abruptly halted, there will be a major backlash,” Senator Afnan Ullah said. While pointing out that Pakistan’s IT exports had increased by 20% in the previous year, he emphasised that the sector was still lagging behind India.

Concerns over the viability of the existing VPN whitelist method were voiced by the committee. While IT officials admitted that more than 1 million freelancers in Pakistan rely significantly on VPNs for their business, Senator Humayun pointed out that the laws should be more beneficial than harmful.

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Pakistan declares AI chatbots to be dangers to security.

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The National Computer Emergency Response Team (CERT) has released a security advisory concerning the increasing utilization of artificial intelligence (AI) chatbots, emphasizing potential hazards related to the exposing of private data.

The recommendation recognizes that AI chatbots, like ChatGPT, have gained significant popularity for personal and professional duties owing to their capacity to improve productivity and engagement. Nonetheless, the CERT cautions that these AI systems frequently retain sensitive information, so posing a danger of data breaches.

Engagements with AI chatbots may encompass sensitive information, such as corporate strategy, personal dialogues, or confidential correspondence, which could be compromised if inadequately safeguarded. The warning emphasizes the necessity for a comprehensive cybersecurity framework to alleviate concerns associated with AI chatbot utilization.

Users are advised against inputting critical information into AI chatbots and are encouraged to deactivate any chat-saving functionalities to mitigate the danger of unwanted data access. The CERT additionally advises performing routine system security checks and employing monitoring tools to identify any anomalous behavior from AI chatbots.

Organizations are urged to adopt rigorous security protocols to safeguard against possible data breaches resulting from AI-driven interactions.

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