Opening Remarks at the 12th IMF Statistical Forum: Measuring the Implications of AI on the Economy

IMF News, November 20, 2024

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Canonical URL: Opening Remarks at the 12th IMF Statistical Forum: Measuring the Implications of AI on the Economy

Speaker: Kristalina Georgieva, Managing Director, IMF
Date: November 20, 2024
Event: 12th IMF Statistical Forum — “Measuring the Implications of AI on the Economy”
Core message: AI has transformative potential for the world economy and for statistical work, but realizing benefits while managing risks requires reliable, timely, accurate, actionable data and coordinated action by governments, the private sector, and civil society.

Generative AI emergence: “just two years” since generative AI became widely accessible.
Productivity example: “call centers, for example, have reported productivity gains of 34 percent among new and lower-skilled workers.”
Risks highlighted:
- Potential disruption of labor markets.
- Potential disruption of financial markets.
- Potential to deepen inequality within and among countries and destabilize societies amid polarization.

Fundamental requirement: “Data! Reliable, timely, accurate, actionable data.”
Measurement priorities:
- Measuring AI’s impact on sectors such as healthcare, finance, and manufacturing.
- Capturing AI investment and its impact on productivity.
Standards and ethics:
- Existing international work has built “ethical, strong, and transparent standards and guidelines for collecting, compiling, and disseminating official internationally comparable statistics—-all while taking into account privacy concerns.”
- Key question: “Are the existing standards and guidelines fit for purpose in an era of widespread adoption of AI?”

Use cases noted:
- Central banks exploring how GenAI can help them “sift petabytes of banking data to better monitor risks and refine forecasts.”
- Statistical organizations using AI to “help classify transactions, transform unstructured data into robust indicators, and improve the accessibility of economic data.”
IMF initiatives:
- Establishment of the “IMF Big Data Center” dedicated to supporting the use of Big Data and statistical innovation.
- Development of “StatGPT, an AI assistant that lets users talk to data, significantly reducing the time needed to find, retrieve and use data.”

How to strengthen statistical systems and frameworks so countries can better measure AI’s impact on sectors like healthcare, finance, and manufacturing?
How to ensure that we capture AI investment and its impact on productivity?
Are existing standards and guidelines fit for purpose given widespread AI adoption, considering privacy concerns?
How can we leverage AI in the production of statistics and share better analytical tools with policymakers in all countries?
How are participants applying AI technologies in their statistical work?

Collective action: “To make AI a force for good that boosts inclusive economic growth, we need concerted, coordinated actions by governments, the private sector, and civil society.”
Data-driven policymaking: “With better data and analysis, policymakers can make better decisions, react more quickly in a crisis, and ultimately design policies that support inclusive growth.”
Emphasis on equity and stability: Ensure measurement and policies address the risks of disruption and inequality so AI contributes to inclusive economic outcomes.

Source: Kristalina Georgieva — Opening Remarks at the 12th IMF Statistical Forum, November 20, 2024, IMF.