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The Impact of Artificial Intelligence on the Labour Market

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  • Mate Zsinko

    (Magyar Nemzeti Bank)

Abstract

Technological progress and economic growth have gone hand in hand in past centuries, necessitating the continuous adaptation of labour markets. Historically, labour markets have demonstrated considerable adaptability to changes in the economic structure, leading to significant productivity gains. Today, however, most analyses agree that by the end of the decade, around 20 per cent of jobs in developed countries are projected to be affected by the spread of artificial intelligence and automation, and in Hungary this could affect nearly 1 million jobs. The use of new technologies may eliminate some jobs, create new ones and contribute to productivity gains mainly by complementing existing work processes.

Suggested Citation

  • Mate Zsinko, 2025. "The Impact of Artificial Intelligence on the Labour Market," Financial and Economic Review, Magyar Nemzeti Bank (Central Bank of Hungary), vol. 24(1), pages 156-170.
    • Handle: RePEc:mnb:finrev:v:24:y:2025:i:1:p:156-170
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