Artificial intelligence (AI) has the potential to revolutionize our economies, but harnessing its power requires reliable and actionable data. This was the message delivered by Kristalina Georgieva, the Managing Director of the International Monetary Fund (IMF), during the Fund’s 12th Statistical Forum in Washington, D.C. Georgieva highlighted the significant productivity gains that can be achieved through AI, with call centers experiencing up to a 34% boost in efficiency, particularly among new and lower-skilled workers.
However, Georgieva also issued a warning about the potential disruptive effects of AI on labor and financial markets, as well as its potential to exacerbate inequality within and among societies. She emphasized the need for coordinated actions by governments, the private sector, and civil society to ensure that AI drives inclusive economic growth.
The forum, which is focused on measuring the implications of AI on the economy, brings together policymakers, researchers, private sector representatives, and data experts. The discussions center around the importance of robust and comparable statistics to inform policy-making in the era of AI.
Georgieva’s remarks reflect the growing concerns about the uneven impact of AI on labor markets and economic stability worldwide. Earlier this year, she described AI as a double-edged sword, acknowledging its potential to boost productivity and global growth while also acknowledging the risks of job displacement and deepening inequality.
Georgieva’s call for reliable and actionable data is crucial in addressing the uncertainties surrounding AI’s impact on the global economy. Data will play a vital role in developing policies that safely leverage the vast potential of AI for the benefit of humanity. As AI continues to advance rapidly, it is essential to consider the implications not only for economic growth but also for social cohesion and equality.
In conclusion, the IMF recognizes the transformative power of AI, but stresses the importance of reliable and actionable data to harness its economic potential. By understanding the complexities and implications of AI, policymakers and stakeholders can work together to ensure that AI becomes a force for inclusive economic growth. As Georgieva aptly put it, “To inform those actions, we need reliable, tightly accurate, and actionable data.” Only through such coordinated efforts can we steer the course of AI for the greater good of society.
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