IMF Director Addresses Dual Nature of AI: Concerns and Opportunities for Global Economy

IMF Managing Director, Kristalina Georgieva, affirmed that the development of artificial intelligence raises “concerns” but simultaneously provides “fantastic opportunities,” particularly as the global economy witnessed “limited growth in recent years.” She made these remarks in an interview with the French news agency following the publication of an International Monetary Fund (IMF) report focusing on the impact of artificial intelligence on employment and the global economy, just before the commencement of the World Economic Forum in Davos.

The report indicated that 60% of jobs in advanced economies will be negatively affected by artificial intelligence, with the consequences being more significant in poorer countries. Georgieva stated, “40% of jobs worldwide will be impacted by artificial intelligence, and jobs requiring skills will be the most affected.” She added that “60% of jobs will be affected in advanced economies and some emerging countries.”

Georgieva highlighted that the impact of artificial intelligence might also translate into “increased wages,” potentially exacerbating wage inequality, particularly affecting the middle class. Meanwhile, employees already receiving high salaries might witness an “increase in income” due to the enhanced productivity facilitated by artificial intelligence software.

She mentioned that “it is certain that artificial intelligence will have an impact, but this impact will be different—either the job an individual does will disappear, or it will see improvement.” She questioned, “What should we do for the affected, and how do we share the gains?” However, the IMF expresses concern that artificial intelligence could contribute to widening the gap between advanced countries and others that may not benefit to the same extent from future innovations.

Georgieva stated, “We need to act quickly to make sure they benefit from the opportunities that artificial intelligence provides,” emphasizing the urgency of addressing concerns associated with artificial intelligence and focusing on how to achieve the best benefit for everyone. She continued, “We are in desperate need” of elements capable of enhancing productivity amid the slowing pace of global growth.