AI will have a big impact in jobs says IMF chief |VYGR

The International Monetary Fund (IMF) has warned that artificial intelligence could impact 60% of jobs in industrialized economies, with 40% of jobs globally likely to be impacted. However, an IMF analysis suggests that only half of the occupations affected by AI will suffer, while the other half may even benefit from increased productivity. This could lead to job losses, increased productivity, and higher income levels.

For the full report, click here: IMF Report

Inequitable outcomes:

Labour markets in underdeveloped and emerging economies will initially be less affected by AI but less likely to benefit from increased productivity. The IMF is concentrating on assisting low-income nations to take advantage of AI's prospects more quickly. Later this month, the IMF is anticipated to provide updated economic forecasts, which should show that the global economy is on course to exceed initial estimates.

The coming year will be "tough":

Georgieva predicts a challenging year for the global economy, with AI potentially boosting productivity. Fiscal policy will be challenging in 2024 as nations replenish reserves and settle COVID-19 debts. With billions of voters, governments will face pressure to reduce taxes or increase spending. The IMF warns governments may overspend and compromise inflation control efforts during elections in over 80 nations.

The AI era is upon us & it's still within our power to ensure it brings prosperity for all. At #wef24, I'll share new IMF staff research on the potential impact of AI on the global economy & why we need policies to protect people & maintain social cohesion https://t.co/nx4obf0HKQ pic.twitter.com/0485MQ6HIx— Kristalina Georgieva (@KGeorgieva) January 15, 2024

_{Source: X @@KGeorgieva}

Maintaining focus on the task at hand:

Georgieva declined to comment on her plans to run for president of the IMF again, stating that her five-year tenure as the organization's head is scheduled to expire this year. She expressed pride in the institution's ability to cope during a turbulent time and is focused on her current tasks.