Artificial intelligence poses risks to job security around the world but also offers a “tremendous opportunity” to boost flagging productivity levels and fuel global growth, the IMF chief told AFP.

AI will affect 60 percent of jobs in advanced economies, the International Monetary Fund’s managing director, Kristalina Georgieva, said in an interview in Washington, shortly before departing for the annual World Economic Forum in Davos, Switzerland.

With AI expected to have less effect in developing countries, around “40 percent of jobs globally are likely to be impacted,” she said, citing a new IMF report.

“And the more you have higher skilled jobs, the higher the impact,” she added.

However, the IMF report published Sunday evening notes that only half of the jobs impacted by AI will be negatively affected; the rest may actually benefit from enhanced productivity gains due to AI.

“Your job may disappear altogether — not good — or artificial intelligence may enhance your job, so you actually will be more productive and your income level may go up,” Georgieva said.

Uneven effects

The IMF report predicted that, while labor markets in emerging markets and developing economies will see a smaller initial impact from AI, they are also less likely to benefit from the enhanced productivity that will arise through its integration in the workplace.

“We must focus on helping low income countries in particular to move faster to be able to catch the opportunities that artificial intelligence will present,” Georgieva told AFP.

“So artificial intelligence, yes, a little scary. But it is also a tremendous opportunity for everyone,” she said.

The IMF is due to publish updated economic forecasts later this month which will show the global economy is broadly on track to meet its previous forecasts, she said.

It is “poised for a soft landing,” she said, adding that “monetary policy is doing a good job, inflation is going down, but the job is not quite done.”

“So we are in this trickiest place of not easing too fast or too slow,” she said.

The global economy could use an AI-related productivity boost, as the IMF predicts it will continue growing at historically muted levels over the medium term.

“God, how much we need it,” Georgieva said. “Unless we figure out a way to unlock productivity, we as the world are not for a great story.”

‘Tough’ year ahead

Georgieva said 2024 is likely to be “a very tough year” for fiscal policy worldwide, as countries look to tackle debt burdens accumulated during the Covid-19 pandemic, and rebuild depleted buffers.

Billions of people are also due to go to the polls this year, putting additional pressure on governments to either raise spending or cut taxes to win popular support.

“About 80 countries are going to have elections, and we know what happens with pressure on spending during election cycles,” she added.

The concern at the IMF, Georgieva said, is that governments around the world spend big this year and undermine the hard-won progress they have made in the fight against high inflation.

“If monetary policy tightens and fiscal policy expands, going against the objective of bringing inflation down, we might be for a longer ride,” she added.

– Concentrating on the job –

Georgieva, whose five-year term at the IMF’s helm is set to end this year, refused to be drawn on whether she intends to run for a second stint leading the international financial institution.

“I have a job to do right now and my concentration is on doing that job,” she said.

“It has been a tremendous privilege to be the head of the IMF during a very turbulent time, and I can tell you I’m quite proud of how the institution coped,” she continued.

“But let me do what is in front of me right now.”

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

Superstar Amitabh Bachchan has reportedly bought a plot in a seven-star enclave in Ayodhya, the holy town in Uttar Pradesh where the majestic Ram temple is set to open its doors later this month.

Mumbai-based developer The House of Abhinandan Lodha (HoABL) has not disclosed the size and the value of the plot. But industry sources suggest it is around 10,000 sqft and costs Rs 14.5 crore, reported Hindustan Times.

The Sarayu, spread over 51 acres, will be formally inaugurated on January 22, the day the grand consecration ceremony of the Shri Ram Janmabhoomi Temple will be held in Ayodhya.

It is about 15 minutes away from the temple and half an hour from the airport, according to the developer. The project is expected to be completed by March 2028 and have a five-star palace hotel.

“I am looking forward to embark on this journey with The House of Abhinandan Lodha for The Sarayu in Ayodhya, a city that holds a special place in my heart. The timeless spirituality and cultural richness of Ayodhya have forged an emotional connection that transcends geographical boundaries,” Mr Bachchan said at an event.

“This is a start of a heartfelt journey into the soul of Ayodhya, where tradition and modernity seamlessly co-exist, creating an emotional tapestry that resonates with me deeply. I am looking forward to building my home in the global spiritual capital,” the report quoted him as saying.

His birthplace Prayagraj (earlier Allahabad) is a four-hour drive from Ayodhya.

Abhinandan Lodha, chairman of HoABL, said BigB was the “first citizen” of The Sarayu and his investment will turn the project into a “symbol of Ayodhya’s global spiritual significance”.

He said the superstar’s investment in the Ayodhya project “reflects confidence in the city’s economic potential and deep appreciation for its spiritual heritage.”

In the midst of assertions from opposing factions that the four Shankaracharyas are contemplating skipping the Pran Pratishtha ceremony of the Ram Mandir in Ayodhya, Swami Nischalanand Saraswati Maharaj, the Shankaracharya of Puri, disclosed that their decision is rooted in the deviation from established traditions during the installation of the Ram Lalla idol.

Speaking to ANI, Swami Nischalanand Maharaj revealed why the four Shankaracharyas are not attending the Ram Mandir Pran Pratishtha event.

“The Shankaracharyas uphold their own dignity. This is not about ego. Are we expected to merely sit outside and applaud when the Prime Minister installs the idol of Ram Lalla? The presence of a ‘secular’ government does not imply the obliteration of tradition,” he remarked.

Meanwhile, there has been a lot of hue and cry in the opposition over the four Shankaracharyas reportedlys skipping the event.

Opposition parties, including the Congress, have claimed that the Shankaracharyas have decided against attending the January 22 event after objecting to the ‘Pran Pratishtha’ ceremony at an ‘incomplete temple’.

Turning down the invite for the Pran Pratishtha event, Congress leader Ashok Gehlot said that even our Shankaracharyas (religious guru) will not be attending the Ram Mandir event which shows that the reason for not attending it is important.

“When they politicised the event and took decisions, our Shankaracharyas, who are at the top of Sanatan Dharma and guide us, said that they will not be attending the event. This has become such an issue that all Shankarachariyas are saying they will boycott this event. If the Shankaracharyas are saying so, it has its own importance,” Gehlot said.

Delhi minister and Aam Aadmi Party leader Saurabh Bharadwaj alleged that BJP is trying to separate two-thirds of the country’s population from Lord Ram by putting a political tag on the Pran Pratishtha of Ram Temple.

“There is a system and set of rituals to perform Pran Pratishtha. If this event is religious, then is it happening under the guidance of the Shankaracharyas of the four Peeths? All four Shankaracharyas have said clearly that the Pran Pratishtha of an incomplete temple cannot be done. If this event is not religious, then it is political,” he said.

Preparations are in full swing for the grand inauguration of the temple, anticipated to attract dignitaries and individuals from various backgrounds. The Shri Ram Janmabhoomi Teerth Kshetra Trust has set noon on January 22 as the moment to install the idol of Ram Lalla in the sanctum sanctorum of the Ram Temple. The Vedic rituals for the Pran-Pratishtha ceremony of Ram Lalla in Ayodhya are scheduled to commence on January 16, one week prior to the main ceremony.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)