Artificial intelligence is “tsunami-ing” the labor force, according to the IMF Chief

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Artificial intelligence is
Artificial intelligence is "tsunami-ing" the labor force, according to the IMF Chief

According to Georgieva, during a Zurich event, artificial intelligence is predicted to impact 40% of occupations worldwide and 60% of jobs in developed countries in the next two years.

According to Kristalina Georgieva, managing director of the International Monetary Fund, artificial intelligence is “like a tsunami” affecting the global labor market.

In the next two years, artificial intelligence is expected to affect 40% of jobs globally and 60% of jobs in advanced nations, Georgieva said at a Zurich event.

“We have very little time to get people and businesses ready for it,” she said at the University of Zurich-affiliated Swiss Institute of International Studies event.

“Artificial intelligence could bring a tremendous increase in productivity if we manage it well, but it can also lead to more misinformation and, of course, more inequality in our society.”

Georgieva stated that the worldwide pandemic in 2020 and the conflict in Ukraine were examples of how the international economy has become more vulnerable to shocks in recent years.

She said that despite her expectation of future shocks, especially in light of the climate problem, she remained extraordinarily robust.

“We are not in a global recession,” Georgieva declared as demonstrators heckled her, demanding that the developing countries take action against climate change and debt.

“Last year, there were fears that most economies would slip into recession; that didn’t happen,” she stated. “The force of inflation that has struck us is on the decline.”

In his speech at the ceremony, Thomas Jordan, the chairman of the Swiss National Bank, stated that Switzerland has made significant progress in combating inflation.

In April, inflation reached 1.4%, marking the eleventh consecutive month in which price increases have fallen below the SNB’s target range of 0-2%.

“Inflation has a far better prospective. It appears that inflation may fall within the same range of price stability over the ensuing years,” Jordan stated.

“But there is a lot of uncertainty.”

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