IMF Urges Utilization of Artificial Intelligence

The International Monetary Fund stated that global economic growth will reach only 2.8 percent by 2030, which is one full percentage point below historical average, unless significant reforms are made to enhance productivity and leverage technological tools such as artificial intelligence. The IMF released a chapter of its upcoming World Economic Outlook report, showing a further decline in global growth, which has been steadily slowing since the global financial crisis of 2008 and 2009. The Fund said, "Without ambitious steps to boost productivity, global growth is expected to fall below its historical average," warning that weak growth forecasts could deter investment and exacerbate the slowdown. It added that the continuation of the low growth scenario alongside high interest rates may also limit governments' ability to counter economic slowdowns and invest in social or environmental initiatives. In a blog accompanying the third chapter of the World Economic Outlook report, which will be fully released next Tuesday, it stated, "All of this is compounded by the strength of adverse conditions arising from economic geographic dispersion and harmful unilateral trade and industrial policies."