IMF managing director Kristalina Georgieva said that artificial intelligence can fulfil India’s ambition of Viksit Bharat while boosting global growth by 0.8%.Speaking at the AI Impact Summit, Georgieva cited research by the International Monetary Fund and said that AI could accelerate growth significantly across the world.
“We did some research and here is the answer. Based on what we know, AI can lift up global growth by almost a percentage point. We say 0.8 per cent… It would mean that the world would grow faster than it did before the COVID pandemic,” she said.Georgieva described the prospect of faster economic growth as “fantastic” for generating jobs and new opportunities.She added, “This is the magnitude that we see for India, and it would mean that India’s Viksit Bharat is achievable.” India is aiming to become a developed nation by 2047, with a target economy of $30 trillion.At the same time, Georgieva issued a caution over the risks AI poses to employment. “We calculated this risk is very high. We actually see the impact of AI…like a tsunami. Globally, 40% of jobs will be affected by AI…In emerging markets, 40%, but in advanced economies, 60%,” she said.Addressing the Summit, she further added, “You are fortunate that your country invested in public digital infrastructure, removing barriers to entrepreneurship, and have a youthful, energetic, innovative population embracing the Artificial Intelligence (AI).” She also assured that the organisation will continue collaborating with nations to understand emerging trends and develop forward-looking policies.
