The head of the IMF said that AI hit workers like a tsunami

Artificial intelligence is having a profound impact on the global labor market, according to International Monetary Fund (IMF) managing director Kristalina Georgieva. She described it as a force that is reshaping industries and job opportunities.

Georgieva mentioned at an event in Zurich that artificial intelligence is set to have a significant impact on a majority of jobs in developed economies and globally within the next two years.

We have very little time to prepare people and businesses for this. This can lead to significant productivity gains if we can manage the process well, but it can also lead to more misinformation and, of course, more inequality in our society.

Georgieva highlighted the increased vulnerability of the global economy to shocks in recent years, exemplified by the global pandemic in 2020 and various conflicts. Although she anticipates further disruption, particularly due to the climate crisis, the global economy continues to demonstrate remarkable resilience.

We are not in a global recession. Last year there were fears that most economies would plunge into recession, but this did not happen. Inflation, which has hit us hard, is falling almost everywhere.

Swiss National Bank Chairman Thomas Jordan, who also addressed the event, expressed satisfaction with Switzerland’s successful efforts in combating inflation. In April, inflation increased to 1.4%, marking the 11th consecutive month of price growth falling within the desired range of 0 to 2%.