From The Next Web · Alina Maria Stan · · 1m 10s
AI spending is propping up global growth at 3%, IMF warns
The IMF says artificial intelligence infrastructure investment is sustaining world economic growth, but the technology poses risks to jobs and inequality.
In brief
The IMF says artificial intelligence infrastructure investment is sustaining world economic growth, but the technology poses risks to jobs and inequality. IMF chief Kristalina Georgieva said AI infrastructure spending is keeping global growth at about three percent annually, but warned the technology will displace…
AI spending sustains global growth
IMF Managing Director Kristalina Georgieva said on Monday that spending on AI infrastructure is helping the world economy grow by about three percent each year, even though energy prices are high.
Asia leads AI hardware trade
Georgieva estimated that advanced Asian economies could see growth increase by zero point five to one percentage point, while emerging Asian economies might gain zero point two to zero point eight points.
AI will displace millions of jobs
Georgieva described AI as a slow-moving tsunami that will transform jobs, education and how governments collect taxes.
“The first rung in employment, your first job upon graduation, is now seeing less demand.”
Inequality gap could widen without action
Singapore's President Tharman Shanmugaratnam warned that if governments do not act, AI could increase the gap in growth and jobs between wealthy and developing countries. The IMF will release its updated growth forecasts on Tuesday.
The key point
IMF chief Kristalina Georgieva said AI infrastructure spending is keeping global growth at about three percent annually, but warned the technology will displace jobs and widen inequality between rich and poor nations.
