The rapid adoption of artificial intelligence (AI) could reduce wages, but so far it is creating jobs rather than destroying them, especially for the young and the highly qualified, according to a study published this Tuesday by the European Central Bank (ECB).
Companies have invested massively in AI, but economists are still trying to assess its impact on the labor market, while most employees worry about their career future.
However, employers are currently struggling to find qualified workers, despite a recession that should ease tensions in the labor market.
Impact difficult to assess
In a sample of 16 European countries, the proportion of employment in sectors exposed to AI has increased, with low- and medium-skilled jobs generally unaffected, unlike high-skilled positions, according to a published research bulletin by the ECB.
However, the bulletin also notes “neutral to slightly negative impacts” on wages, effects that could increase.
“These results are not a blank check,” the document specifies. “AI-based technologies continue to be developed and adopted. Most of their impact on jobs and wages – and therefore growth and equality – has yet to be seen.”
The results contrast with previous technological revolutions, in which computerization reduced “the relative share of employment of medium-skilled workers, leading to a polarization” of employment, the document explains.
Source: BFM TV
