Reliable Data Crucial to Harness AI’s Economic Potential – IMF

The International Monetary Fund has said that reliable and actionable data are crucial to harness the economic potential of Artificial Intelligence.

The Managing Director of the IMF, Kristalina Georgieva, made these remarks during the Fund’s 12th Statistical Forum in Washington, D.C.

“AI has huge potential to boost growth and efficiency,” Georgieva said, noting productivity gains of up to 34 per cent in call centres, especially among new and lower-skilled workers.

However, she warned that AI could disrupt labor and financial markets and exacerbate inequality within and among societies.

“At a time when many societies are already polarised, AI has the potential to destabilise them further,” Georgieva said.

The forum brings together policymakers, researchers, private sector representatives, and data experts to discuss how AI is reshaping economies.

The event, themed “Measuring the Implications of Artificial Intelligence on the Economy,” focuses on the need for robust and comparable statistics to guide policy making.

Georgieva’s comments reflect growing concerns about AI’s uneven impact on global labor markets and economic stability.

Earlier this year, the IMF Chief described AI as a double-edged sword. “We are on the brink of a technological revolution that could jumpstart productivity, boost global growth, and raise incomes around the world. Yet it could also replace jobs and deepen inequality,” she said.

“The rapid advance of artificial intelligence has captivated the world, causing both excitement and alarm and raising important questions about its potential impact on the global economy.

“The net effect is difficult to foresee, as AI will ripple through economies in complex ways. What we can say with some confidence is that we will need to come up with a set of policies to safely leverage the vast potential of AI for the benefit of humanity,” Georgieva added.

Punch/Hauwa Abu