International Monetary Fund (IMF) Managing Director Kristalina Georgieva warned the world of the risks posed by the spread of artificial intelligence (AI) such as job security but also highlighted the opportunities it offered in terms of increasing efficiency.\u00a0<\/p>\n\n\n\n
While speaking in an interview with\u00a0AFP<\/em>, reported early Monday, IMF\u2019s chief said while quoting statistics from a new global lender\u2019s report: \u201cAI will affect 60% of jobs in advanced economies. With AI expected to have less effect in developing countries, around 40% of jobs globally are likely to be impacted.\u201d<\/p>\n\n\n\n \u201cAnd the more you have higher skilled jobs, the higher the impact,\u201d she stated.<\/p>\n\n\n\n However, the IMF report published Sunday evening notes that only half of the jobs impacted by AI will be negatively affected; the rest may actually benefit from enhanced productivity gains due to AI.<\/p>\n\n\n\n \u201cYour job may disappear altogether \u2014 not good \u2014 or artificial intelligence may enhance your job, so you actually will be more productive and your income level may go up,\u201d the 70-year-old said.<\/p>\n\n\n\n The IMF report predicted that, while labor markets in emerging markets and developing economies will see a smaller initial impact from AI, they are also less likely to benefit from the enhanced productivity that will arise through its integration in the workplace.<\/p>\n\n\n\n \u201cWe must focus on helping low-income countries in particular to move faster to be able to catch the opportunities that artificial intelligence will present,\u201d Georgieva said.<\/p>\n\n\n\n \u201cSo artificial intelligence, yes, a little scary. But it is also a tremendous opportunity for everyone,\u201d she said.<\/p>\n\n\n\n She said: \u201cThe IMF is due to publish updated economic forecasts later this month which will show the global economy is broadly on track to meet its previous forecasts.\u201d<\/p>\n\n\n\n The director also said that \u201cit is poised for a soft landing,\u201d adding that \u201cmonetary policy is doing a good job, inflation is going down, but the job is not quite done.\u201d<\/p>\n\n\n\n \u201cSo we are in this trickiest place of not easing too fast or too slow,\u201d she said.<\/p>\n\n\n\n The global economy could use an AI-related productivity boost, as the IMF predicts it will continue growing at historically muted levels over the medium term.<\/p>\n\n\n\n \u201cGod, how much we need it,\u201d Georgieva said. \u201cUnless we figure out a way to unlock productivity, we as the world are not for a great story.\u201d<\/p>\n\n\n\n Georgieva said 2024 is likely to be \u201ca very tough year\u201d for fiscal policy worldwide, as countries look to tackle debt burdens accumulated during the Covid-19 pandemic, and rebuild depleted buffers.<\/p>\n\n\n\n Billions of people are also due to go to the polls this year, putting additional pressure on governments to either raise spending or cut taxes to win popular support.<\/p>\n\n\n\n \u201cAbout 80 countries are going to have elections, and we know what happens with pressure on spending during election cycles,\u201d she added.<\/p>\n\n\n\n The concern at the IMF, Georgieva said, is that governments around the world spend big this year and undermine the hard-won progress they have made in the fight against high inflation.<\/p>\n\n\n\n \u201cIf monetary policy tightens and fiscal policy expands, going against the objective of bringing inflation down, we might be for a longer ride,\u201d she added.<\/p>\n","protected":false},"excerpt":{"rendered":" International Monetary Fund (IMF) Managing Director Kristalina Georgieva warned the world of the risks posed by the spread of artificial intelligence (AI) such as job security but also highlighted the opportunities it offered in terms of increasing efficiency.\u00a0 While speaking in an interview with\u00a0AFP, reported early Monday, IMF\u2019s chief said while quoting statistics from a 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CG","author_link":"https:\/\/web3unplugged.io\/blog\/author\/admin-cg\/"},"rttpg_comment":0,"rttpg_category":"news<\/a>","rttpg_excerpt":"International Monetary Fund (IMF) Managing Director Kristalina Georgieva warned the world of the risks posed by the spread of artificial intelligence (AI) such as job security but also highlighted the opportunities it offered in terms of increasing efficiency.\u00a0 While speaking in an interview with\u00a0AFP, reported early Monday, IMF\u2019s chief said while quoting statistics from 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report on AI<\/h3>\n\n\n\n
Hardships in 2024<\/h3>\n\n\n\n