What this lesson teaches
I can explain why individuals need to keep gaining knowledge and skills to cope with globalisation.
Syllabus K230, Issue 3, Guiding Question 2, Responses to economic impacts of globalisation. Acquisition of knowledge and skills by individuals
Make a guess
In 2024 the IMF estimated that about 40% of jobs worldwide are exposed to AI. What do you think 'exposed' means?
- Most of those jobs will disappear within a few years.
- Those jobs use computers, so workers need to learn coding.
- AI will affect the job: some tasks replaced, others made easier.
Show the answer
AI will affect the job: some tasks replaced, others made easier.
The IMF said about half of exposed jobs could benefit, as AI helps workers do more. Exposed does not mean lost.
AI can replace some tasks and make other workers more productive. Workers who keep learning are more likely to gain than lose.
Artificial intelligence (AI) is computer software that can do tasks that used to need human thinking, such as writing, sorting information or spotting patterns. Because firms in one country can use AI tools made in another, AI spreads quickly through the global economy.
In January 2024, the International Monetary Fund (IMF) estimated that almost 40% of jobs around the world are exposed to AI, and about 60% in advanced economies. Exposed does not mean lost. The IMF said that about half of the exposed jobs could benefit, because AI helps workers do more, while others may see tasks replaced.
This creates both opportunities and challenges, the two sides of the syllabus. Workers who learn to use AI can become more productive and better paid. Workers whose tasks can be automated may lose their jobs or see wages fall.
Singapore's responses include its National AI Strategy 2.0 (December 2023), which aims to triple the number of AI practitioners to 15,000. From 1 May 2024, Singaporeans aged 40 and above receive a S$4,000 SkillsFuture credit for selected courses, to help mid-career workers retrain.
- IMF, January 2024
- Almost 40% of jobs worldwide exposed to AI; about 60% in advanced economies.
- SkillsFuture Level-Up
- S$4,000 credit for Singaporeans aged 40 and above, from 1 May 2024.
Real examples to use
National AI Strategy 2.0
Launched in December 2023; aims to triple Singapore's AI practitioners to 15,000.
Worked example: Using this briefing in an answer
A Question 7 asks whether acquiring knowledge and skills matters more than government support in responding to economic globalisation.
- Name the change: AI is spreading through the global economy, and the IMF estimated in 2024 that almost 40% of jobs worldwide are exposed to it.
- Skills: a worker who learns to use AI tools can do more and stay employable, so learning is the individual's best defence.
- Government support: the S$4,000 SkillsFuture credit for Singaporeans aged 40 and above lowers the cost of retraining, so more workers can afford it.
- Weigh them: skills are what the worker carries into a new job, but support makes learning possible for those with less time or money.
Watch out for this
AI will take away most jobs, so learning new skills is pointless.
The IMF expects many exposed jobs to change rather than disappear, and about half could benefit. Learning to work with AI makes a worker more likely to benefit.
Check your understanding
Why did Singapore give citizens aged 40 and above a S$4,000 SkillsFuture credit from May 2024?
- To pay older workers who have already lost their jobs to AI.
- To help mid-career workers retrain as AI reshapes the jobs they do.
- To make firms hire older workers instead of buying AI software.
Show the answer
To help mid-career workers retrain as AI reshapes the jobs they do.
Right. Retraining lets workers move into tasks that AI helps with, instead of tasks it replaces.