With AI, IMF Avers Old Jobs May Vanish Before New Ones Arrive
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The IMF's chief economist says AI has the potential to boost economic growth but may cause labor market disruption as old jobs vanish before new ones arrive. The IMF estimates AI could increase productivity growth by 0.1 to 0.4 percentage points annually.
The International Monetary Fund (IMF) believes artificial intelligence (AI) can significantly boost economic growth, despite not yet showing measurable gains in global productivity. IMF Chief Economist Pierre-Olivier Gourinchas stated that current macroeconomic data does not reflect AI's impact, but estimates it could increase productivity growth by 0.1 to 0.4 percentage points annually. The transition to an AI-driven economy may be uneven, with older jobs disappearing before new roles are created. Gourinchas warned of potential labor market disruption, particularly for entry-level positions. The IMF is also concerned about financial instability due to excessive investment in the AI sector. Gourinchas noted that multiple firms are attracting large-scale funding, potentially leading to overinvestment and misallocation of capital.
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