AI Will Transform the Global Economy. Let’s Make Sure It Benefits Humanity.
We stand on the cusp of a technological revolution that promises to boost productivity, spur global growth, and increase incomes worldwide. However, it also poses significant risks, such as job displacement and widening inequality. The rapid progression of artificial intelligence (AI) has garnered global attention, eliciting both enthusiasm and concern. The potential impact of AI on the global economy is complex and multifaceted. While its net effect remains uncertain, it is evident that we must formulate policies to harness AI’s immense potential for the greater good of humanity. Reshaping the Nature of Work Recent analysis by IMF staff delves into AI’s potential impact on the global labor market. While many studies highlight the possibility of job replacement by AI, it is also clear that AI will complement many human roles. The IMF’s analysis considers both of these aspects. The results are striking: nearly 40 percent of global employment is susceptible to AI. Traditionally, automati...