One-third of jobs at risk from AI, warns McGrath

“Whilst AI is still a nascent technology, the potential is there to boost the productive capacity of the economy at a time when structural forces will begin to weigh on economic growth,” said Mr McGrath. 

“The key objective must be to harness the benefits of these new technologies while avoiding some of the adverse outcomes.”

The Finance Minister said that his department along with the Department of Enterprise are currently finalising two papers on the impact of artificial intelligence on the economy and labour market, adding that about 63% of employment in Ireland will be impacted by AI, around half of which is positive and will enhance the productivity of the role.

“However, the other half means there is a level of risk that a role could be replaced by the technological power of AI. We have to crefully consider the consequences of AI and adopt a human-centred approach.”

“We are on the cusp of a digital revolution. This will have enormous impacts, both positive and negative, on our collective economies and societies,” Mr McGrath said.

“Achieving the appropriate balance will require a coherent, cross-government and inter-government approach which seek to eliminate barriers to AI adoption whilst also avoiding the displacement of workers.”

Hundreds of business and political leaders worldwide have landed in Killarney this week to discuss topics ranging from climate change, education sustainability and technology.

Speakers at the three-day event include Anne O’Leary, Meta’s VP global business EMEA, Gopi Kallayil, Google’s chief business strategist for AI, and Paul Daugherty, Chief Technology & Innovation Officer at Accenture.

Significant international contributors will also speak at the event including Tedros Adhanom Ghebreyesus, Director General of the World Health Organisation, Darrin E. Jones, Executive Director Partnerships and Planning at Interpol and Angela Wilkinson, CEO of the World Energy Council.