IMF Chief Warns AI 'Tsunami' Could Eliminate Millions Of Jobs, But Says Richer Workers' Spending Could Lift Low-Wage Labor

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Jan 26

The International Monetary Fund (IMF) Managing Director, Kristalina Georgieva, warned that artificial intelligence could wipe out millions of jobs worldwide, but said higher wages for AI-enhanced ...

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When they're paid better, they spend more money in the local economy.\"\nShe argued that increased spending by higher-paid workers could create more jobs in local services such as restaurants, retail, and healthcare. \n\"Demand for low-skilled jobs goes up,\" she said. \nShe added, \"And actually total employment seems to slightly increase because of it.\"\nHowever, Georgieva also cautioned that the benefits of AI are unevenly distributed. \nShe said the \"accordion of opportunities\" is widening, with the middle class at risk as wages stagnate and entry-level jobs disappear. \n\"AI is for real and it is transforming our world faster than we are getting a handle,\" she said.\nEarlier, Bill Gates warned that AI was already disrupting jobs and accelerating changes in the labor market, even as he remained optimistic about its long-term benefits. \nHe said AI was boosting productivity, particularly in software development, and could eventually shorten workweeks, while urging governments to prepare policies to manage disruption and risks beyond employment.\nRandstad CEO Sander van't Noordende said AI was eroding entry-level office roles and weakening the traditional college-to-office career path. \nHe encouraged young workers to retrain and consider skilled trades, service jobs and STEM fields, where demand and wages were growing.\nAuthor Yuval Noah Harari warned that AI would create deeper social challenges, arguing that machines outperforming humans in cognitive tasks could trigger an identity crisis over how people define human value and intelligence.\nHe also said governments would be forced to decide how far AI systems should be integrated into society, including whether they should be granted legal status to operate, organize or interact in ways similar to humans.\nDisclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.\nPhoto courtesy: Shutterstock","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"}}}