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Recognizing the potential for job displacement, Georgieva underscored the optimistic aspects, asserting that artificial intelligence presents a "remarkable opportunity for all."

AI to impact 40% jobs globally, 60% in advanced economies: IMF Chief

Recognizing the potential for job displacement, Georgieva underscored the optimistic aspects, asserting that artificial intelligence presents a "remarkable opportunity for all."

In a recent interview with AFP, International Monetary Fund (IMF) Managing Director Kristalina Georgieva discussed the significant impact of artificial intelligence (AI) on global job security. Georgieva emphasized that while AI is likely to affect 60% of jobs in advanced economies, it also presents a "tremendous opportunity" to boost productivity and fuel global growth.
According to a newly released IMF report, around 40% of jobs globally are expected to be impacted by AI, with higher-skilled jobs facing a more substantial impact. However, Georgieva pointed out that only half of the jobs influenced by AI will see negative consequences; the rest may experience enhanced productivity and income growth due to AI integration in the workplace.
"The effects of AI on jobs will be uneven, with developing countries facing a smaller initial impact but also less likely to benefit from enhanced productivity," said Georgieva. She emphasized the need to assist low-income countries in catching the opportunities presented by artificial intelligence.
While acknowledging the potential for job displacement, Georgieva highlighted the positive aspects, stating that AI provides a "tremendous opportunity for everyone." The IMF chief urged a focus on unlocking productivity globally to propel the world economy forward.
Georgieva also addressed the challenges facing the global economy in 2024. She anticipates a "very tough year" for fiscal policy worldwide, with many countries addressing debt burdens accumulated during the Covid-19 pandemic and rebuilding depleted buffers. With approximately 80 countries holding elections, there is added pressure on governments to balance spending and taxes to gain popular support.
The concern at the IMF is that excessive spending by governments could undermine the progress made in combating high inflation. Georgieva emphasized the delicate balance needed in monetary and fiscal policies to avoid a prolonged economic challenge.
Looking ahead, Georgieva, whose term at the IMF is set to end this year, remained focused on her current responsibilities. She declined to comment on whether she intends to run for a second term, stating, "Let me do what is in front of me right now." Despite the challenges, she expressed pride in the IMF's ability to navigate turbulent times and cope effectively with global economic shifts. Also Watch: <a href="https://www.editorji.com/entertainment-news/bollywood/amitabh-bachchan-buys-plot-in-ayodhya-ahead-of-ram-temple-consecration-event-more-details-here-1705297964056">Amitabh Bachchan buys plot in Ayodhya ahead of Ram Temple consecration event | More details here</a>

According to Kristalina Georgieva, director of the IMF, if another Cold War is to happen it will only result in a loss of talent and contributions to the globe

IMF chief urges world to avoid a 'second Cold War'

According to Kristalina Georgieva, director of the IMF, if another Cold War is to happen it will only result in a loss of talent and contributions to the globe

Countries must do more to avert the costly consequences of growing global trade fragmentation and help avert a 'second Cold War,' the International Monetary Fund's managing director said.
'I am among those who know what are the consequences of a Cold War: it is loss of talent and contribution to the world,' Kristalina Georgieva said during a press conference at the official start of the World Bank and IMF's spring meetings.
'I don't want to see that repeating,' she said, adding that the world should 'rationally accept there will be some cost, there will be some fragmentation, but keep these costs low.'
Multilateral institutions like the World Bank and IMF have an important role to play in preventing the world from splintering into different blocs with severe economic consequences, she said.
An IMF report earlier this week predicted that growing trade fragmentation resulting from events like Brexit, the US-China trade war and the Russian invasion of Ukraine could make the global economy as much as seven percent smaller than it otherwise would have been.
Policymakers had a crucial role to play to 'defend the interests' of their citizens, Georgieva said.
'If we fail to be more rational, then people everywhere will be worse off,' she said.

"We expect one-third of the world economy to be in recession," Georgieva said on the news programme.

Recession will hit a third of the world this year, warns IMF chief

"We expect one-third of the world economy to be in recession," Georgieva said on the news programme.

A third of the global economy will be in recession this year, the IMF chief has said, and warned that 2023 will be "tougher" than last year as the US, EU and China will see their economies slow down.
Kristalina Georgieva, the chief of the International Monetary Fund (IMF) made these grim assertions on Sunday during a CBS news programme "Face the Nation." It comes at a time when the ongoing conflict in Ukraine shows no signs of abating after more than 10 months, with spiralling inflation, higher interest rates and the surge in coronavirus infections in China fuelled by the Omicron variant.
"We expect one-third of the world economy to be in recession," Georgieva said on the news programme.
The year 2023 will be tougher than last year because the economies of the US, the EU and China will slow down, she said.
"Even in countries that are not in recession, it would feel like a recession for hundreds of millions of people," she explained.
In October last year, the IMF trimmed its growth forecast for 2023.
"Global growth is forecast to slow from 6 per cent in 2021 to 3.2 per cent in 2022 and 2.7 per cent in 2023. This is the weakest growth profile since 2001 except for the global financial crisis and the acute phase of the COVID-19 pandemic," it said.
China has scrapped its zero Covid policy and opened its economy following a wave of anti-government protests in the country.

The global economy is at a difficult crossroads, buffeted by multiple shocks including soaring inflation, rising interest rates and a growing threat of broad debt crisis 

IMF warns global recession risks & darker outlook; what these warning means

IMF warns global recession risks &amp; darker outlook, but what these warning means?

The global economy is at a difficult crossroads, buffeted by multiple shocks including soaring inflation, rising interest rates and a growing threat of broad debt crisis.
Economy is moving from a world of relative predictability to one of greater uncertainty, International Monetary Fund chief Kristalina Georgieva has said, warning that countries accounting for about one-third of the world economy will experience at least two consecutive quarters of contraction this or next year.
In a speech ahead of the fund's annual meetings next week, the IMF's managing director said to take concerted action to avoid a "dangerous 'new normal,'" as the risks of a worldwide recession are driven ever higher by repeated economic shocks.
This highlights downturns in China and Russia, alongside higher-than-expected inflation, especially in the United States and Europe.
It is partly blamed on Russia's war in Ukraine, which has increased energy prices and food prices.
Whether an economic downtown has officially been declared a recession or not, the impacts of an impending recession can affect your daily life.
Some people may lose their jobs, or find it harder to get promotions, or pay rises big enough to allow them to cope with increases in prices.
Graduates and school leavers could find a first job harder to get.
However, the pain of a recession is typically not felt equally across society, and inequality can increase.
Benefit recipients and those with fixed incomes are particularly likely to struggle.&nbsp;

World Bank President David Malpass says a "world recession could happen under certain circumstances''

World bank and IMF warn aggressive fight against inflation

World Bank President David Malpass says a "world recession could happen under certain circumstances''

Warning that inflation threatens to become "a runaway train,'' the managing director of the International Monetary Fund urged policymakers to keep up the fight against rising prices even it means more pain at a time of extraordinary economic turmoil.
Speaking to reporters Thursday, the IMF's Kristalina Georgieva said that the world economy "has been hit by one shock after another&Prime; &mdash; the coronavirus pandemic, Russia's invasion of Ukraine and a resurgence of inflation.
Not only this, World Bank President David Malpass also says a "world recession could happen under certain circumstances."
Malpass comments comes as a worse-than-expected report on inflation hit Wall Street Thursday, and stocks are falling toward their weakest levels in almost two years.

Pakistan's government has hiked fuel prices by up to 29 per cent, removing fuel subsidies in an attempt to trim the fiscal deficit and secure critical support from the IMF for the cash-strapped economy.
This is the third cut in fuel subsidies by the government headed by Prime Minister Shehbaz Sharif in about 20 days.
The new prices came into effect from Wednesday midnight and showed a massive hike of Rs 24 per litre in petrol prices and Rs 59.16 per litre of high-speed diesel (HSD) - the two products used by everyone directly or indirectly, Finance Minister Miftah Ismail said.
The latest rise came on top of an already Rs 60 increase in the prices of petroleum since May 25. The new petrol price has been fixed at Rs 233.89 per litre, HSD at Rs 263.31 per litre and kerosene oil at Rs 211.47 per litre.
He said the prices of all products had now been brought to their purchase price and the element of subsidy or price differential claim had been eliminated. “There is no more government loss on the sale of petroleum products,” he said, hoping to conclude an agreement with the International Monetary Fund for reviving loan support.
Prime Minister Shehbaz Sharif on Thursday defended the unpopular moves, saying that the government was "left with no choice" because of "those who struck the worst ever deal" with the IMF.
Sharif said he would soon take the nation into confidence over the deal with the IMF signed by the Pakistan Tehreek-i-Insaf (PTI) government.

Explained: To please IMF, Pakistan pushing petrol prices to shocking levels

Pakistan's government has hiked fuel prices by up to 29 per cent, reaching Rs 233.89 

The latest rise came on top of an already Rs 60 increase in the prices of petroleum since May 25.&nbsp;

Attempting to appease the IMF by cutting fuel susbidies, the cash strapped Pakistan government has hiked fuel prices to record high amid large protests. Petrol in Pakistan now costs over Rs 260/lt in local currency after a steep 29% hike.&nbsp;
The new prices came into effect from Wednesday midnight and showed a massive hike of Rs 24 per litre in petrol prices and Rs 59.16 per litre of high-speed diesel (HSD) - the two products used by everyone directly or indirectly, Finance Minister Miftah Ismail said. He said the prices of all products had now been brought to their purchase price and the element of subsidy or price differential claim had been eliminated. &ldquo;There is no more government loss on the sale of petroleum products,&rdquo; he said, hoping to conclude an agreement with the International Monetary Fund for reviving loan support. This is the third cut in fuel subsidies by the government headed by Prime Minister Shehbaz Sharif in about 20 days. After the new prices, the government finally removed all subsidies given on petroleum which was a key demand by the IMF to restore the USD $ 6billion assistance package signed in 2019. The need for funds comes as the coffers at the treasury are fast depleting.&nbsp; The total forex reserves held by the country stand at $14 billion as of June 10 &mdash; a level that covers imports for just 1.32 months.
Pakistan Prime Minister Shehbaz Sharif&nbsp; defended the unpopular moves, saying that the government was "left with no choice" because of "those who struck the worst ever deal" with the IMF.

IMF's&nbsp;chief economist Gita&nbsp;Gopinath will leave the post in January to resume her job at Harvard University. The 49-year-old prominent Indian-American economist had joined the International Monetary Fund (IMF) as the Chief Economist in January 2019.Mysuru-born Gopinath&nbsp;who is the first-ever woman Chief Economist of the IMF&nbsp;will rejoin Harvard University in January to retain her tenured faculty post.&nbsp;The normal maximum leave&nbsp;granted under Harvard&rsquo;s rules is two consecutive years for public service. The university had extended her leave by one year on an exceptional basis.&nbsp;Born in December 1971 to Malayalee parents, Gopinath had her schooling in Kolkata and graduated from the Lady Shri Ram College of Commerce in Delhi. Gopinath did her Ph.D in economics from Princeton University in 2001 and she was guided by Kenneth Rogoff, Ben Bernanke and Pierre-Olivier Gourinchas.
She joined Harvard in 2005 to became a tenured Professor there in 2010. She is the third woman in the history of Harvard to be a tenured professor at its economics department and the first Indian since the Nobel laureate Amartya Sen to hold that position.

IMF Chief Gita Gopinath to leave post and return to Harvard

Mysuru-born Gita Gopinath who is the first-ever woman Chief Economist of the IMF will rejoin Harvard to retain her tenured faculty post. 

Gita Gopinath heads back to academia, IMF thanks her for crisis navigation

The 49-year-old prominent Indian-American economist had joined the International Monetary Fund (IMF) as the Chief Economist in January 2019.

IMF's&nbsp;chief economist Gita&nbsp;Gopinath will leave the post in January to resume her job at Harvard University. The 49-year-old prominent Indian-American economist had joined the International Monetary Fund (IMF) as the Chief Economist in January 2019. Mysuru-born Gopinath&nbsp;who is the first-ever woman Chief Economist of the IMF&nbsp;will rejoin Harvard University in January to retain her tenured faculty post.&nbsp;The normal maximum leave&nbsp;granted under Harvard&rsquo;s rules is two consecutive years for public service. The university had extended her leave by one year on an exceptional basis.&nbsp;
Also watch:&nbsp;<a title="Facelift for Facebook; likely to get a new name next week: reports" href="https://www.editorji.com/business-news/facelift-for-facebook-likely-to-get-a-new-name-next-week-reports-1634704107270">Facelift for Facebook; likely to get a new name next week: reports</a> Born in December 1971 to Malayalee parents, Gopinath had her schooling in Kolkata and graduated from the Lady Shri Ram College of Commerce in Delhi. Gopinath did her Ph.D in economics from Princeton University in 2001 and she was guided by Kenneth Rogoff, Ben Bernanke and Pierre-Olivier Gourinchas.
She joined Harvard in 2005 to became a tenured Professor there in 2010. She is the third woman in the history of Harvard to be a tenured professor at its economics department and the first Indian since the Nobel laureate Amartya Sen to hold that position.

International Monetary Fund Managing Director Kristalina Georgieva was called out on Thursday by the World Bank, her previous employer, for applying pressure to boost China&rsquo;s position in a ranking of economies.
Her statement comes after the&nbsp;World Bank&nbsp;canceled a prominent report rating the business environment of the world&rsquo;s countries after an investigation concluded that senior bank management pressured staff to alter data affecting the ranking of China and other nations.
Georgieva said she disagreed with the findings, compiled by an outside law firm at the World Bank&rsquo;s direction.
China&rsquo;s position in the 2018 report, released in October 2017, should have been seven places lower -- at No. 85 rather than remaining at 78 -- the World Bank said in a&nbsp;review released&nbsp;in December.
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World Bank discontinues 'Ease Of Doing Business', were the ratings skewed to China?

World Bank discontinues 'Ease Of Doing Business'; were the ratings skewed to China?

World Bank discontinues 'Ease Of Doing Business' reports after probe finds to favour China

The World Bank Group on Thursday announced that it will discontinue its &lsquo;Doing Business&rsquo; reports, an annual flagship report that the international financial institution has been publishing since 2002.
The statement from the group&nbsp;comes after a probe of data irregularities allegedly due to pressure by some top bank officials to boost China's ranking in 2017.&nbsp;
The financial institution remains firmly committed to advancing the role of the private sector in development and providing support to governments to design the regulatory environment that supports this, World Bank said.
&ldquo;Doing Business Report&rdquo; was used to drive policy and regulatory changes favorable to businesses and corporations.
India has improved its ranking by 79 positions in five years (2014-19). In the recent World Bank&rsquo;s ease of doing business 2020 report, India&nbsp;jumped to 63rd position, among 190 nations.

The findings of the investigation revealed that top World Bank leaders, including then-Chief Executive Kristalina Georgieva, applied &ldquo;undue pressure&rdquo; on staff to boost China&rsquo;s ranking in the bank&rsquo;s &ldquo;Doing Business 2018&rdquo; report.

The World Bank Group on Thursday announced that it will discontinue its &lsquo;Doing Business&rsquo; reports, an annual flagship report that the international financial institution has been publishing since 2002.
The statement from the group&nbsp;comes after a probe of data irregularities allegedly due to pressure by some top bank officials to boost China's ranking in 2017.&nbsp;
Also watch:&nbsp;<a title="El Salvador Protest: 'No to Bitcoin' slogan gains traction as President faces backlash" href="https://www.editorji.com/story/el-salvador-protest-no-to-bitcoin-slogan-gains-traction-as-president-faces-backlash-1631857725079">El Salvador Protest: 'No to Bitcoin' slogan gains traction as President faces backlash</a>
The financial institution remains firmly committed to advancing the role of the private sector in development and providing support to governments to design the regulatory environment that supports this, World Bank said..
An explosive report to the Bank&rsquo;s Board of Executive Directors, Investigation of Data Irregularities in Doing Business 2018 and Doing Business 2020, revealed how senior Bank officials applied pressure to manipulate data in order to improve rankings for select countries. The irregularities in Doing Business reports had affected four countries: China; Saudi Arabia; United Arab Emirates; and Azerbaijan as per the report.&nbsp; China had a score of 65.3 with a global ranking of 78, similar to the previous year&rsquo;s. After the corrections in data for indicators like Starting a Business, Getting Credit, and Paying Taxes indicators, China&rsquo;s score fell to 64.5 and global ranking to 85.&nbsp;
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