In a recent interview with the Financial Times, Gita Gopinath, the first deputy managing director of the International Monetary Fund (IMF), expressed concerns about the potential “substantial disruptions in labor markets” resulting from generative artificial intelligence (AI). Gopinath emphasized the need for policymakers to promptly establish regulatory frameworks to govern this emerging technology.
While acknowledging the potential productivity and economic benefits of AI breakthroughs, particularly those based on large-language models like ChatGPT, Gopinath underscored the significant risks associated with their implementation (a topic we already covered here). Stressing the urgency of the situation, she stated that despite the existing uncertainty, there is no luxury of time to wait and contemplate future policies.
To prevent a recurrence of history, Gopinath emphasized the importance of governments strengthening “social safety nets” to provide support for workers affected by job losses caused by AI. She also advocated for tax policies that discourage companies from replacing human workers with machines. Furthermore, Gopinath cautioned policymakers to remain watchful against the emergence of dominant corporations in the AI sector, as it could lead to unfair advantages, concentrated control of data, and potential privacy concerns.