AI is hitting the job market ‘like a tsunami’: IMF Chief Kristalina Georgieva

Georgieva stressed how crucial it is to prepare for these adjustments. We don’t have much time to prepare individuals or companies for it, the woman warned.

The chief of the International Monetary Fund, Kristalina Georgieva, has predicted that artificial intelligence (AI) will have a profound impact on the labour market, striking it “like a tsunami.” She issued a warning, stating that artificial intelligence (AI) may impact 40% of employment globally and 60% of occupations in industrialised nations in the next two years.

Georgieva stressed how crucial it is to prepare for these adjustments. “We have very little time to get people and businesses ready for it,” the speaker stated.

AI has the potential to raise productivity and improve efficiency, but it also has the potential to spread misinformation and widen wealth disparities. She emphasised that in order to fully use AI, appropriate management is required.

“If we handle it properly, it could lead to a huge boost in productivity, but it can also lead to more misinformation and, naturally, more inequality in our society,” Georgieva continued.

The claims coincide with major tech companies fully investing in more potent iterations of their AI algorithms. Recently, OpenAI released a new GPT-4o model that is available to all users for free. Additionally, the GPT-4o upgrade gives the chatbot a more conversational, nearly human-like voice. Additionally, it has real-time vision and response capabilities.

At I/O 2024 today, Google will unveil a plethora of new AI capabilities, including some that will be exclusive to Android 15 and beyond.

status of the global economy

The worldwide economy is performing better than anticipated in spite of issues like the COVID-19 outbreak and the conflict in Ukraine. According to Georgieva, there isn’t a worldwide recession at the moment, and the concerns expressed last year about economies contracting didn’t materialise. In several locations, the pace of price increases, or inflation, has begun to decelerate.

Georgieva believes that obstacles to the global economy will persist, particularly those brought on by climate change. Strong plans must be in place, in her opinion, to address both the present and foreseeable issues.

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