April 18, 2:15 PM EDT
Artificial Intelligence (AI) is set to transform the global economy. It has vast potential to benefit humanity, boosting productivity and improving health and wellbeing. Yet, AI’s disruptive power also carries risks, including potential deepening in inequalities within and across countries. Capitalizing on this potential and mitigating the risks hinges crucially on crafting the right policies and promoting the readiness of countries in areas such as digital infrastructure, human-capital and labor-markets, innovation and economic integration, and regulation and ethics. Guided by recent IMF research on the potential macroeconomic impact of AI, the discussion will focus on how advanced economies can prioritize AI innovation and develop robust regulatory frameworks to cultivate a safe and responsible environment that helps maintain public trust. For emerging market and developing economies, where readiness for AI is lower, the focus will be on options for laying a strong foundation through investments in digital infrastructure. All countries need to rethink education systems to ensure that their workforces are digitally competent.
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