Key facts
- AI could add up to 0.5% to annual global growth, according to the IMF.
- AI could add 0.4% to 1.2% to annual productivity growth in OECD countries.
- About 40% of global jobs may be exposed to AI, the IMF estimates.
- Barclays is cutting 5,000 jobs this year using AI for cost reduction.
- EBay is reportedly laying off 9% of its workforce.
Artificial intelligence has the potential to boost global economic growth, but officials from the International Monetary Fund (IMF) and the Organisation for Economic Co-operation and Development (OECD) are warning that poorer countries, smaller companies, and younger workers may be left behind. This risk stems from potential disparities in access to essential resources like power, digital infrastructure, and necessary skills. The IMF estimates that AI could contribute up to 0.5% to annual global growth over the medium term, though current evidence of aggregate productivity gains is less pronounced. Similarly, the OECD projects AI could add between 0.4% and 1.2% to annual productivity growth among its member nations, but notes that workplace adoption of AI lags behind consumer use. Concerns are also rising about the impact of AI on employment, with the IMF estimating that approximately 40% of global jobs could be exposed to automation, as companies like Barclays, EBay, and Qualcomm announce significant layoffs.