The IMF index looks at market economies' preparedness for Artificial Intelligence
The International Monetary Fund (IMF) released an Artificial Intelligence Preparedness Index (AIPI) Dashboard on their website on Tuesday, tracking 174 economies globally for AI readiness.
The Index has categorised each country into Advanced Economy (AE), Emerging Market Economy (EM), and Low-Income Country (LIC). Singapore (0.80), Denmark (0.78), and the United States (0.77) are among the highest-rated AEs, with India categorised as an EM with a 0.49 rating. India ranks 72 in a total of 174 countries, with Bangladesh (0.38) on 113, Sri Lanka (0.43) on 92, and China (0.63) on 31.
The rating for each country is given based on the assessment of readiness in four key areas - digital infrastructure, human capital and labour market policies, innovation and economic integration, and regulation.
Earlier this year, the IMF published a blog based on their research paper on 14 January, stating that AI could endanger 33 percent of jobs in AEs, 24 percent in EMs, and 18 percent in LICs. Overall, 40 percent of the jobs around the world will be affected by AI, replacing some and complimenting others.
"On the brighter side, it also brings enormous potential to enhance the productivity of existing jobs for which AI can be a complementary tool and to create new jobs and even new industries," says Economist Giovanni Melina, in the IMF article from Tuesday.
"Under most scenarios, AI will likely worsen overall inequality, a troubling trend that policymakers can work to prevent. To this end, the dashboard is a response to significant interest from our stakeholders in accessing the index. It is a resource for policymakers, researchers, and the public to better assess AI preparedness and, importantly, to identify the actions and design the policies needed to help ensure that the rapid gains of AI can benefit all," wrote Melina.