The IMF has also warned that AI could further broaden income and wealth inequality among countries. AI benefits and challenges would be key points of discussion at World Economic Forum (WEF) meeting in Davos.
The International Monetary Fund (IMF) issued a cautionary statement, indicating that the proliferation of artificial intelligence (AI) could impact nearly 40% of jobs worldwide. The assessment, released on Sunday from the Washington D.C.-based institution, highlighted that high-income economies face more significant risks compared to emerging markets and low-income nations.
The IMF, led by Chief Kristalina Georgieva, emphasized the potential exacerbation of overall inequality due to AI technology and urged policymakers to address this concerning trend. Georgieva stressed the importance of proactive measures to prevent AI from escalating social tensions. The IMF chief also stressed:
“We are on the brink of a technological revolution that could jumpstart productivity, boost global growth and raise incomes around the world. Yet it could also replace jobs and deepen inequality”.