IMF Chief Kristalina Georgieva: Artificial intelligence will soon bring radical changes to the job market and is affecting the market like a tsunami. The head of the International Monetary Fund, Kristalina Georgieva, made this statement.
She warned that in the next two years, AI could affect 60 percent of jobs in developed countries and 40 percent of jobs worldwide. Georgieva emphasizes being prepared for these changes. “We have very little time to prepare people and businesses for this,” she said.
AI can greatly increase productivity
Kristalina Georgieva said AI can increase productivity and make things more efficient. But it can also increase misinformation and widen the income gap. She expressed the need for careful management to get the most out of AI.
Georgieva added, “If we handle it well, it can lead to a huge increase in productivity, but it can also lead to more misinformation and certainly more inequality in our society.”
Artificial intelligence hitting labour forces like a “tsunami” – IMF Chief https://t.co/QkMeObVGLJ pic.twitter.com/xBy9vnWTAb
— Reuters (@Reuters) May 13, 2024
The IMF chief’s statement comes at a time when big tech companies are busy building more powerful versions of their AI models. OpenAI has recently launched a new GPT-4o model, which is free for all users.
State of the World Economy
Despite geopolitical challenges such as the Covid-19 pandemic, the subsequent Russia-Ukraine war, global inflation and the Israel-Palestine war, the global economy is currently performing better than expected. Georgieva said there is currently no global recession and concerns about the economy slowing down last year are no longer there.
Now the rate of inflation has also started slowing down in many places. Georgieva believes that climate change could exacerbate many challenges in the global economy. She believes that it is important to devise a strong strategy to address these current and future challenges.
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