IMF-World Bank meetings focus on global risks and potential benefits of AI

The head of the International Monetary Fund, Kristalina Georgieva, warned during a recent meeting that artificial intelligence (AI) requires regulation to prevent potential risks. Comparing AI to a Formula 1 race car, Georgieva said the technology could go off track and harm people. IMF Managing Director stressed the importance of the industry but reminded that the potential benefits could be diminished if AI causes harm.

AI expert Jack Clark, co-founder of Anthropic, echoed this concern, likening the rapid development of AI to driving a car without brakes. He called for coordinated efforts to regulate AI before it becomes uncontrollable. Clark's organization, the rival to OpenAI, has recommended that the world's top AI companies develop a plan to pause advanced AI systems development.

The IMF study on AI's impact on jobs found that about 10% of jobs may transform or be created, while repetitive tasks will disappear. Service sector jobs might emerge as a result of the investment boom. However, Georgieva expressed concern that service jobs, which typically pay less, might not meet young people's aspirations. She noted that while the net impact of AI on jobs is positive, the service sector jobs pay less.