International Monetary Fund announces Artificial Intelligence to 40% of Global Jobs Cuts

Source: thehindu.com

Jan 16, 2024

International Monetary Fund's managing director Kristalina Georgieva said that economies that have higher skilled jobs will be impacted more.

File picture of International Monetary Fund Managing Director Kristalina Georgieva. The IMF chief said that AI will affect 60% of jobs in advanced economies

Artificial intelligence poses risks to job security around the world but also offers a "tremendous opportunity" to boost flagging productivity levels and fuel global growth.

AI will affect 60% of jobs in advanced economies, the International Monetary Fund's managing director, Kristalina Georgieva, said in an interview in Washington.

With AI expected to have less effect in developing countries, around "40% of jobs globally are likely to be impacted," she said, citing a new IMF report.

Ms. Georgieva said 2024 is likely to be "a very tough year" for fiscal policy worldwide, as countries look to tackle debt burdens accumulated during the Covid-19 pandemic, and rebuild depleted buffers.