Impact of AI on Singapore's Labor Market

Impact of AI on Singapore's Labor Market
Author: Mr. Shujaat A Khan
Publisher: International Monetary Fund
Total Pages: 21
Release: 2024-08-13
Genre:
ISBN:

Singapore is well-prepared for AI adoption but stands highly exposed to the increasing use of artificial intelligence (AI) technologies in the workplace, due to a large share of skilled workforce. While half of the highly exposed segment of the labor force stands to benefit from the appropriate use of AI to complement their tasks, potentially boosting their productivity, the other half may face greater vulnerability to AI’s disruptive effects due to lower levels of AI complementarity. Estimates suggest that women and younger workers are more exposed to the effects of AI, which, in the absence of appropriate policies, could worsen income inequality in Singapore. Targeted training policies, leveraging on the existing SkillsFuture program, can harness AI's potential. Additionally, focused upskilling can mitigate the disruptive impact of AI on vulnerable workers.

Anticipating and Preparing for Emerging Skills and Jobs

Anticipating and Preparing for Emerging Skills and Jobs
Author: Brajesh Panth
Publisher: Springer Nature
Total Pages: 351
Release: 2020-11-02
Genre: Education
ISBN: 9811570183

This open access book analyzes the main drivers that are influencing the dramatic evolution of work in Asia and the Pacific and identifies the implications for education and training in the region. It also assesses how education and training philosophies, curricula, and pedagogy can be reshaped to produce workers with the skills required to meet the emerging demands of the Fourth Industrial Revolution. The book’s 40 articles cover a wide range of topics and reflect the diverse perspectives of the eminent policy makers, practitioners, and researchers who authored them. To maximize its potential impact, this Springer-Asian Development Bank co-publication has been made available as open access.

Spillovers from China’s Growth Slowdown to the Singapore Economy

Spillovers from China’s Growth Slowdown to the Singapore Economy
Author: Kodjovi M. Eklou
Publisher: International Monetary Fund
Total Pages: 14
Release: 2024-08-13
Genre:
ISBN:

This paper examines the impact of China's economic deceleration on Singapore, highlighting how the deepening trade integration and China's pivotal role in Global Value Chains (GVCs) amplify these spillover effects. Utilizing multi-region input-output tables, empirical estimates, and the IMF's Global Integrated Monetary and Fiscal model, it identifies significant sectoral and aggregate impacts, particularly in electrical and machinery manufacturing, petrochemicals, and financial services. The analysis underscores the vulnerability of Singapore's economy to shifts in Chinese demand and productivity, emphasizing the need for vigilant monitoring and strategic adaptation to mitigate potential risks associated with China's slowdown.

Singapore

Singapore
Author: International Monetary Fund. Asia and Pacific Dept
Publisher: International Monetary Fund
Total Pages: 80
Release: 2024-07-31
Genre:
ISBN:

Following a slowdown in 2023, growth is projected to recover gradually to 2.1 percent in 2024. After reaching 6.1 percent in 2022, inflation has steadily declined to 2.7 percent in April 2024. The pace of disinflation has nonetheless been gradual, with signs of persistent price pressures including from a tight labor market. With risks to global growth now broadly balanced, downside risks to growth outlook have diminished relative to last year, but Singapore remains vulnerable to a deepening of geoeconomic fragmentation. Inflation risks remain tilted to the upside.

The Work of the Future

The Work of the Future
Author: David H. Autor
Publisher: MIT Press
Total Pages: 189
Release: 2022-06-21
Genre: Business & Economics
ISBN: 0262367742

Why the United States lags behind other industrialized countries in sharing the benefits of innovation with workers and how we can remedy the problem. The United States has too many low-quality, low-wage jobs. Every country has its share, but those in the United States are especially poorly paid and often without benefits. Meanwhile, overall productivity increases steadily and new technology has transformed large parts of the economy, enhancing the skills and paychecks of higher paid knowledge workers. What’s wrong with this picture? Why have so many workers benefited so little from decades of growth? The Work of the Future shows that technology is neither the problem nor the solution. We can build better jobs if we create institutions that leverage technological innovation and also support workers though long cycles of technological transformation. Building on findings from the multiyear MIT Task Force on the Work of the Future, the book argues that we must foster institutional innovations that complement technological change. Skills programs that emphasize work-based and hybrid learning (in person and online), for example, empower workers to become and remain productive in a continuously evolving workplace. Industries fueled by new technology that augments workers can supply good jobs, and federal investment in R&D can help make these industries worker-friendly. We must act to ensure that the labor market of the future offers benefits, opportunity, and a measure of economic security to all.

The effects of AI on the working lives of women

The effects of AI on the working lives of women
Author: Collett, Clementine
Publisher: UNESCO Publishing
Total Pages: 81
Release: 2022-03-08
Genre: Political Science
ISBN: 9231005138

The development and use of Artificial Intelligence (AI) continue to expand opportunities for the achievement of the 17 United Nations Sustainable Development Goals (SDGs), including gender equality. Taking a closer look at the intersection of gender and technology, this collaboration between UNESCO, the Inter-American Development Bank (IDB) and the Organisation for Economic Co-operation and Development (OECD) examines the effects of AI on the working lives of women. This report describes the challenges and opportunities presented by the use of emerging technology such as AI from a gender perspective. The report highlights the need for more focus and research on the impacts of AI on women and the digital gender gap, in order to ensure that women are not left behind in the future of work.

Powering the Digital Economy: Opportunities and Risks of Artificial Intelligence in Finance

Powering the Digital Economy: Opportunities and Risks of Artificial Intelligence in Finance
Author: El Bachir Boukherouaa
Publisher: International Monetary Fund
Total Pages: 35
Release: 2021-10-22
Genre: Business & Economics
ISBN: 1589063953

This paper discusses the impact of the rapid adoption of artificial intelligence (AI) and machine learning (ML) in the financial sector. It highlights the benefits these technologies bring in terms of financial deepening and efficiency, while raising concerns about its potential in widening the digital divide between advanced and developing economies. The paper advances the discussion on the impact of this technology by distilling and categorizing the unique risks that it could pose to the integrity and stability of the financial system, policy challenges, and potential regulatory approaches. The evolving nature of this technology and its application in finance means that the full extent of its strengths and weaknesses is yet to be fully understood. Given the risk of unexpected pitfalls, countries will need to strengthen prudential oversight.

The Fourth Industrial Revolution

The Fourth Industrial Revolution
Author: Alan Nankervis
Publisher: Springer Nature
Total Pages: 248
Release: 2021-08-11
Genre: Business & Economics
ISBN: 9811616140

This book explores the core themes of the Fourth Industrial Revolution (4IR) highlighting the digital transformation that has been occurring in society and business. Representing an interface between technologies in the physical, digital and biological disciplines the book explores emerging technologies such as artificial intelligence, robotics, the Internet of Things, autonomous vehicles, 3-D printing, nanotechnology, biotechnology, materials science, energy storage, and quantum computing. The findings of collaborative research studies on the potential impact of the 4IR on the labour markets, occupations, future workforce competencies and skills associated with eight industry sectors in Australia are reported. The sectors are: agriculture and mining; manufacturing and logistics; health, medical and nursing; education; retail; financial services; government services and tourism.