The IMF has warned of potential job losses in white-collar professions due to generative AI and calls for fiscal policy changes to address the issue.
Fiscal policy has a"major role to play" in broadening the financial gains from generative AI technology and preventing a spike in wealth inequality, the IMF has said.
The technology forms the core of chatbots including Microsoft's Copilot, Google's Gemini, and OpenAI's ChatGPT. "Fiscal policy has a major role to play in supporting a more equal distribution of gains and opportunities from generative-AI," IMF staff wrote in a blog post published to accompany the new paper.
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