IMF’s Georgieva says already seeing first wave of impact from AI

The International Monetary Fund (IMF) Managing Director  Kristalina Georgieva said on Monday that she’s already seeing first wave of impact from AI.

Key quotes

We are already seeing first wave of impact from AI; it is a demand shock, an investment shock.

US, China and India are most important AI producers; investments are keeping world growth at around 3%.

AI could boost growth in asia between 0.5 to 1 percentage point.

Even in emerging asia AI could boost growth between 0.2 to 0.8 percentage point.

We estimate that over time, AI could lead to 40% of jobs being augmented, downgraded or eliminated.

We are already seeing some impact in advanced economies.

Biggest worry is impact on young people entering job market in routine, repetitive jobs.

Growth of AI could change structure of labor market, raise questions about how governments generate tax revenue.