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IMF Chief says AI impact on labour forces to be like 'tsunami': Report
Image Credit: twitter.com/KGeorgieva

IMF Chief says AI impact on labour forces to be like 'tsunami': Report

| @indiablooms | 14 May 2024, 05:13 pm

Zurich (Switzerland): Artificial intelligence (AI) is geared up to change the global labour market in a significant manner, comparable to a “tsunami”, said International Monetary Fund Managing Director Kristalina Georgieva, media reported.

Georgieva underscored that AI is likely to impact around 60% of jobs in advanced economies and 40% worldwide within the next two years, reported Reuters.

While addressing an event in Zurich organized by the Swiss Institute of International Studies, affiliated with the University of Zurich, she underscored on the need to prepare people for this looming change,

"We have very little time to get people ready for it, businesses ready for it," she was quoted as saying by Reuters.

The IMF MD said AI could bolster productivity tremendously but pointed out the risk of misinformation.

"It could bring tremendous increase in if we manage it well, but it can also lead to more misinformation and, of course, more inequality in our society," she added, according to the report.

Georgieva highlighted that the global economy has grown increasingly susceptible to shocks in recent years, pointing out events like the global pandemic in 2020 and the ongoing conflict in Ukraine as examples.

She acknowledged the concerns of protesters demanding action on climate change and the need to address debt issues in developing countries.

Despite expecting more shocks, especially due to the climate catastrophe, Georgieva noted on the economy's resilience, stating, "We are not in a global recession."

"Last year there were fears that most economies would slip into recession, that didn't happen," she said. "Inflation that has hit us with a very strong force is on the decline, almost everywhere."

At the same event, Swiss National Bank Chairman Thomas Jordan noted the advancement made in Switzerland's fight against inflation.

In April, inflation touched 1.4%, which highlighted the 11th consecutive month in the SNB's target range of 0-2%.

Jordan exuded optimism about the future of inflation, predicting price stability for the next few years, albeit with significant uncertainties looming.

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