IMF Chief Sees AI Impacting Labor like a “Tsunami” IMF Chief Sees AI Impacting Labor like a “Tsunami”
AI is poised to dramatically impact the global labor market, akin to a “tsunami” according to International Monetary Fund Managing Director... IMF Chief Sees AI Impacting Labor like a “Tsunami”

AI is poised to dramatically impact the global labor market, akin to a “tsunami” according to International Monetary Fund Managing Director Kristalina Georgieva. Speaking at an event organized by the Swiss Institute of International Studies in Zurich, Georgieva highlighted the urgent need for preparation as AI threatens to transform job markets worldwide.

In-Person and Virtual Conference

September 5th to 6th, 2024 – London

Featuring 200 hours of content, 90 thought leaders and experts, and 40+ workshops and training sessions, Europe 2024 will keep you up-to-date with the latest topics and tools in everything from machine learning to generative AI and more.


Georgieva warned that AI could affect 60% of jobs in advanced economies and 40% of jobs globally within the next two years. “We have very little time to get people ready for it, businesses ready for it,” she emphasized. This is a similar level predicted by a Goldman Sachs study last year.

This rapid technological advancement presents both opportunities and challenges, with the potential to significantly boost productivity if managed well. However, Georgieva cautioned about the risks of increased misinformation and growing inequality.

Reflecting on recent global disruptions, Georgieva noted that the world economy has shown remarkable resilience despite facing significant shocks, such as the COVID-19 pandemic and the ongoing war in Ukraine. She acknowledged the likelihood of future shocks, particularly due to the climate crisis, but reassured that the global economy remains robust.

Level Up Your AI Expertise! Subscribe Now:  File:Spotify icon.svg - Wikipedia Soundcloud - Free social media icons File:Podcasts (iOS).svg - Wikipedia

We are not in a global recession,” Georgieva stated, countering fears from the previous year. “Last year, there were fears that most economies would slip into recession; that didn’t happen. Inflation that has hit us with a very strong force is on the decline, almost everywhere.

Swiss National Bank (SNB) Chairman Thomas Jordan, who also spoke at the event, discussed the inflation situation in Switzerland. He noted that the fight against inflation in Switzerland was now well advanced, with inflation rates stabilizing within the SNB’s target range of 0-2%.

In April, inflation rose to 1.4%, marking the 11th consecutive month that price rises have been within the SNB’s target range,” Jordan said. “The outlook for inflation is much better. It looks that for the next few years, inflation could be really in the same range of price stability. But there is a lot of uncertainty.”

In-Person & Virtual Data Science Conference

October 29th-31st, 2024 – Burlingame, CA

Join us for 300+ hours of expert-led content, featuring hands-on, immersive training sessions, workshops, tutorials, and talks on cutting-edge AI tools and techniques, including our first-ever track devoted to AI Robotics!


Georgieva stressed the importance of managing the transition to an AI-driven economy effectively to harness its potential benefits while mitigating its risks. “It could bring a tremendous increase in productivity if we manage it well, but it can also lead to more misinformation and, of course, more inequality in our society,” she reiterated.



ODSC gathers the attendees, presenters, and companies that are shaping the present and future of data science and AI. ODSC hosts one of the largest gatherings of professional data scientists with major conferences in USA, Europe, and Asia.