Team Blitz India
GLOBAL interest rates are expected to decline by 40 per cent by mid-2024, according to Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF).
“We are very confident that the world economy is now poised for this soft landing that we have been waiting for,” she said addressing the World Governments Summit 2024 (WGS) hosted in Dubai.
Speaking on the first day of the summit (February 12), which was moderated by CNN’s Richard Quest, Georgieva praised the UAE’s readiness to use artificial intelligence (AI) technologies, added Emirates News Agency (WAM).
The session was attended by His Highness Sheikh Mohammed bin Hamad bin Mohammed Al Sharqi, Crown Prince of Fujairah; His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, and Deputy Prime Minister and Minister of Finance of the UAE; Sheikh Mohammed bin Abdulrahman bin Jassim Al Thani, Prime Minister and Foreign Minister of Qatar; His Highness Lieutenant General Sheikh Saif bin Zayed Al Nahyan, Deputy Prime Minister and Minister of the Interior; His Excellency Sheikh Nahyan bin Mubarak Al Nahyan, Minister of Tolerance and Coexistence; and His Excellency Mohammad bin Abdullah Al Gergawi, Minister of Cabinet Affairs, and Chairman of the World Governments Summit.
The IMF MD commended UAE for its foresight to establish a ministry for AI in 2017 at a time of global reluctance on this matter, the agency reported.
“The shift towards AI will be similar to the Industrial Revolution in terms of scale and significance of impact,” she said, adding that it will affect up to 40 per cent of the labour market, with new jobs emerging as existing jobs either transform or disappear.
