Washington, IMF Deputy Managing Director Gita Gopinath warned of disruption to labor markets due to Generative Artificial Intelligence and called on policymakers to quickly draw up regulations to govern the technology.
IMF deputy managing director Gita Gopinath cautioned policy makers to be careful with new technology. Gopinath said that there is a need to make rules. Gopinath has warned of reduction in jobs due to Artificial Intelligence.
Need Of Policy Makers
“We need governments, we need institutions and we need to move quickly on all fronts, both in terms of regulation, but also in terms of preparing for potentially substantial disruptions to labor markets,” Gopinath told the FT in an interview. policy makers are needed.”
Gopinath also advocated for governments to boost social safety nets for workers affected by AI adoption while working on tax policies that don’t reward companies that replace workers with machines.
In a speech later on Monday, Gopinath cited several studies that tried to measure the economic impact, including a Goldman Sachs report that estimated 300 million jobs could be automated, leading to higher Productivity and global output could increase by 7 percent in a decade. ,
Gopinath cautioned policy makers to be careful about the emergence of certain corporations in the new technology. “You don’t want to supersede companies with massive amounts of data and computing power that have an unfair advantage,” Gopinath explained.
“AI could be as disruptive as the Industrial Revolution was in the time of Adam Smith,” she told an audience in Scotland at an event commemorating the economist.
Gopinath said new technologies such as ChatGPT had “widescale appeal” and needed to be taken more seriously than other advances like self-driving cars that had been billed as game changers.
“Usually when you see a technology behaving like a general purpose technology . . . that is when we think this could have a wide-ranging impact on the economy,” she said.
