Breaking: 56% of Experts Predict Global Economic Downturn in 2024 – AI Takeover Unveiled at Davos!

Leaders and influencers from across the globe have convened in Davos for the World Economic Forum, focusing on crucial topics such as artificial intelligence, disinformation, conflicts in Gaza and Ukraine, the debt crisis, and climate issues. Ahead of the forum, a survey of leading economists worldwide unveiled forecasts for global economic conditions, with 56% anticipating a weakening in 2024.

The survey highlights the expected turbulence in South and East Asia, with China being an exception due to the projection of moderate growth. For the US, Middle East, and North Africa, economists foresee moderate or stronger growth. However, concerning is the outlook for Europe, where 77% expect weak or very weak growth.

A central theme of the survey revolves around the rapid progress in artificial intelligence (AI). An overwhelming 94% of experts predict significant productivity boosts in rich economies over the next five years, with 53% believing the same for low-income countries. However, the transformative potential of AI also raises concerns about job displacement and deepening inequality.

Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF), emphasized the impending technological revolution's dual impact on productivity and inequality. An IMF analysis indicates that nearly 40% of global employment is exposed to AI's influence, with developed economies potentially witnessing AI affecting 60% of jobs. Georgieva underscores the importance of designing policies to address potential labor market disruptions and wage impacts.

In response to this challenge, the IMF introduced an AI Readiness Index, evaluating countries based on digital infrastructure, human capital, labor market policies, innovation, economic integration, regulation, and ethics. The index assessed 125 countries, revealing that wealthier economies, including Singapore, the US, and Denmark, are better prepared for AI deployment.

As the global economic landscape stands at a critical juncture, Davos becomes a pivotal platform for discussions on economic forecasts, AI's transformative potential, and the imperative need for policies that ensure equitable integration of technological advancements.

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