Singapore and Denmark Top the Rankings for AI Preparedness, IMF Says

Singapore and Denmark are the two countries whose economies are most prepared for the upcoming artificial intelligence (AI) revolution, the International Monetary Fund (IMF) says.

The International Monetary Fund (IMF) has ranked Singapore and Denmark as the two countries with the most prepared economies for the upcoming artificial intelligence (AI) revolution.

The IMF recently unveiled the AI Preparedness Index, which maps 174 countries based on their capacity to adopt and leverage AI for economic growth. Developed economies unsurprisingly dominated the higher ranks. North America led the regional standings with an average preparedness index of 0.74.

Singapore has been named the world’s most prepared country for AI by the IMF. Denmark, the U.S., the Netherlands, and Estonia round out the top five.

Singapore’s ranking follows years of heavy investment in AI infrastructure and talent. A 2020 study had placed the nation tenth, and it has steadily climbed the ladder since. Despite having a population of just 5.5 million, the country has managed to attract AI giants from its Asian neighbors like China without alienating the West.

China, despite being home to some of the world’s largest AI companies, was ranked 31st globally, even below smaller nations like Malta, Luxembourg, and Israel.

While developed economies are best prepared for AI, the IMF also noted that they stand to be the most disrupted by the technology.

“AI could put at risk 33 percent of jobs in advanced economies, 24 percent in emerging markets, and 18 percent in low-income countries,” said the Washington, D.C.-based organization.

The disparity arises because advanced economies have a higher proportion of high-skilled jobs, which AI is more likely to disrupt.

AI-related job losses have been a hot-button issue. Some, like Goldman Sachs (NASDAQ: GS), have claimed that nearly 300 million jobs could be lost to AI automation by the end of the decade. However, other studies, such as one by the UN’s International Labour Organization (ILO), have downplayed such job losses, stating that AI will complement most professionals rather than replacing them.

Africa was identified as the region least prepared for the AI revolution, despite recent efforts to integrate the technology. South Africa was the highest-ranked country with a 0.5 index, followed by Kenya, Ghana, Rwanda, Botswana, and Namibia. Nigeria, despite being Africa’s largest economy and the most populous country in the region, was among the lowest ranked.

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