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IMF official delivers stark warning on AI's potential to turn an ordinary downturn into a severe economic crisis
"I believe there is a real need to have parallel effort to make sure that we're also AI-proofing the global economy."
The true disruptive effects of artificial intelligence on the economy and financial markets may not become apparent until there’s a downturn, which could spiral into a full-blown crisis unless the risks of AI are addressed, the IMF’s second-in-command warned recently. Gopinath pointed to IMF research that shows that in advanced economies, 30% of jobs are at high risk of AI substitution, compared with 20% in emerging markets, and 18% in low-income countries. AI can also be part of the solution, such as in upskilling, targeting assistance better, and flagging early warnings in financial markets, she added.
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