According to the IMF, while AI has enhanced productivity, it's expected to result in job displacement in the future.
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Artificial Intelligence will affect around 40% of the global workforce — IMF
The IMF forecasts that the introduction of Artificial Intelligence (AI) will impact 40% of the global workforce.
Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF)
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Speaking to journalists during the 2024 IMF-World Bank Spring meeting in Washington DC, Managing Director Kristalina Georgieva affirmed that AI is here to stay.
"A recent IMF study shows that artificial intelligence could affect up to 40 percent of jobs across the world and 60 percent in advanced economies.
Artificial Intelligence
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"It could enhance workers’ productivity but also threatens some jobs. Investing in digital infrastructure and skills, as well as in strong social safety nets will determine the pace of AI adoption and its impact on productivity," she said.
Earlier, Kristalina Georgieva urged African governments to adopt AI as a catalyst for rapid economic development across the continent.
She emphasized AI's transformative potential in reshaping global economies, particularly in labor markets.
Addressing attendees at the Artificial Intelligence (AI) Summit, Georgieva outlined key areas crucial for fostering growth.
She said "This is the likely largest transformation of our economies that we have experienced since the Industrial Revolution. It can be this big bang that allows us to live longer, healthier, better educated, more productive lives. But it is not given that we would take advantage of the benefits and manage well the risks. We face urgently the necessity to embrace AI and make the best out of it."
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Embracing AI is crucial for ensuring quick economic development for several reasons.
By harnessing AI for social good, countries can achieve inclusive and sustainable economic development.
Overall, embracing AI is essential for driving economic growth, fostering innovation, and addressing the challenges of the modern world.
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