A new report by the International Monetary Fund (IMF) has ranked countries on their ability to quickly adopt artificial intelligence (AI) in their economies, once again urging policymakers to Make sure that life-changing technology “can benefit everyone.”
In a blog post on its data, the IMF wrote, “In most scenarios, AI will likely worsen overall inequality, a troubling trend that policymakers must work to prevent. can.” “To that end, the Dashboard is a response to significant interest from our stakeholders in accessing the Index.”
The index measures a country's AI adoption readiness through four key measures: digital infrastructure, human capital and labor market policies, innovation and economic integration, and regulation.
The index divides countries into five brackets with a rating from 0 to 1, with a higher score representing more favorable AI readiness, ranking 174 countries.
What is Artificial Intelligence (AI)?
According to these rankings, the U.S. and the Netherlands top the charts with a .77 readiness value. Other top-ranking countries are Finland and Estonia with .76, New Zealand, Germany and Sweden with .75 and Australia, Japan and Israel with .73.
Taiwan, the beating heart of semiconductor production and the maker of cutting-edge microprocessors, surprisingly gets a rating of .67.
Rival countries in the West were ranked worse, with China at .64, Russia at .56, Iran at .38 and Venezuela at .27.
NATO's $1.1 billion innovation fund invests in AI, robots and space tech
India, an industrial powerhouse and a country that has rapidly risen through the ranks of major economies to overtake Britain as the fifth largest starting in 2022, has a rating of .49.
At the bottom end—countries least ready to adopt AI—were South Sudan with .11, Afghanistan with .13, Central African Republic (CAR) with .18 and Somalia with .2. All other nations received ratings of .25 or higher.
For countries like Afghanistan, the IMF lacks data on the economy, which can make some figures skewed. Countries such as North Korea, Yemen, Eritrea and Turkmenistan did not appear on the map due to “no data” about them.
The IMF cautioned that collecting and synthesizing its data proved “challenging,” noting that “the institutional requirements for the broad integration of an AI economy remain uncertain.”
A new blood test can detect a devastating condition years before symptoms appear
“As the dashboard shows, different countries are at different stages of readiness to take advantage of AI's potential benefits and address the risks,” the IMF wrote.
“In advanced economies, for example, about 30% of jobs could benefit from AI integration,” explained the IMF. “Workers who can utilize technology may see pay increases or greater productivity, while those who cannot, may be left behind.”
“Younger workers may find it easier to take advantage of opportunities, while older workers may struggle to adapt,” she added.
A previous analysis by the IMF determined that AI will replace about 40% of global employment, which is in line with the historical impact of automation and information technology growth. However, what sets AI apart as a challenge is that it will also affect high-skilled jobs. And in more developed economies, up to 60% of jobs could be affected.
Click to get the Fox News app.
With its new analysis, the IMF suggests that countries with more advanced economies should prioritize expanding social safety nets, investing in worker training and AI innovation and integration.
“While coordinating with each other globally, these countries should also strengthen regulation to protect people from potential risks and abuses and build trust in AI,” the IMF said. “A policy priority for emerging market and developing economies should be to lay a strong foundation by investing in digital infrastructure and digital training for workers.”