The rise of generative artificial intelligence (AI) tools has sparked concerns about job losses. However, Adam Kansler, President of S&P Global Market Intelligence, believes that while these technologies may shift the demand curve in the near term, they won’t necessarily lead to significant job reductions. Kansler points out that despite a decade of technological advancements, the number of people working in these functions has actually increased by around 40%. Productivity gains, he suggests, are more likely to result in a reconfiguration of job roles rather than outright job losses.
According to Kansler, the full impact of disruptive AI technologies is not yet understood. While they offer valuable and game-changing opportunities, it will take time to determine the net effect on the job market. Furthermore, Kansler predicts that the emergence of new technologies, startups, and greater predictability in outcomes could lead to a reversal of caution by venture capital investors and a redirection of capital in 2024.
However, he warns against expecting a complete reversion to the past. The old economic landscapes and low inflation rates of previous decades are unlikely to return anytime soon. Kansler believes that it will take a year to understand what the new normal will look like. While the global economy is preparing for a soft landing in 2024, Kansler highlights the potential threats of inflation and geopolitical risks that could hinder the path to recovery.
It’s also important to consider the influence of geopolitics on the world stage. With more than half of the world’s population voting this year, Kansler argues that political dynamics could change rapidly, impacting the global economic landscape. In India, for example, the upcoming general election will be a crucial moment for the newly elected government to continue the structural momentum initiated by its predecessor. Rebalancing the economy by attracting private investment and focusing on sectors like infrastructure could help India achieve growth rates of 7-7.5% over the next decade.
Kansler’s colleague, Deepa Kumar, Head of Asia-Pacific Country Risk at S&P Global Market Intelligence, emphasizes the importance of generating jobs, sustaining skilling programs, and integrating into global value chains as key priorities for the new Indian government. Leveraging trading relationships, attracting foreign investment, and maintaining external competitiveness will also play a vital role in pushing India’s economic growth beyond the projected 6.3%. With the right strategies and policies in place, India has the potential to thrive in the evolving landscape of AI and global economics.
Frequently Asked Questions (FAQs):
1. What is the perspective of Adam Kansler, President of S&P Global Market Intelligence, on job losses due to generative AI tools?
Adam Kansler believes that while generative AI tools may shift the demand curve, they won’t necessarily lead to significant job reductions. He points out that the number of people working in these functions has actually increased by around 40% despite technological advancements.
2. What does Kansler suggest productivity gains are likely to result in?
Kansler suggests that productivity gains are more likely to result in a reconfiguration of job roles rather than outright job losses.
3. Does Kansler think the full impact of disruptive AI technologies is understood?
According to Kansler, the full impact of disruptive AI technologies is not yet understood. It will take time to determine the net effect on the job market.
4. What does Kansler predict for the future of venture capital investment?
Kansler predicts that the emergence of new technologies, startups, and greater predictability in outcomes could lead to a reversal of caution by venture capital investors and a redirection of capital in 2024.
5. Will the global economy revert to the past economic landscapes and low inflation rates?
Kansler warns against expecting a complete reversion to the past. The old economic landscapes and low inflation rates of previous decades are unlikely to return soon.
6. What are the potential threats to the path of economic recovery highlighted by Kansler?
Kansler highlights the potential threats of inflation and geopolitical risks that could hinder the path to recovery.
7. How can geopolitics impact the global economic landscape?
Kansler argues that political dynamics can change rapidly and impact the global economic landscape. The upcoming general election in India, for example, will be a crucial moment for the newly elected government to continue the structural momentum.
8. What are the key priorities for the new Indian government, according to Deepa Kumar?
Deepa Kumar, Head of Asia-Pacific Country Risk at S&P Global Market Intelligence, emphasizes generating jobs, sustaining skilling programs, and integrating into global value chains as key priorities for the new Indian government.
9. What can play a vital role in pushing India’s economic growth beyond the projected 6.3%?
Leveraging trading relationships, attracting foreign investment, and maintaining external competitiveness can play a vital role in pushing India’s economic growth beyond the projected 6.3%.
Definitions:
– Generative artificial intelligence (AI) tools: Tools that use AI algorithms to create content, generate ideas, or produce outputs autonomously.
– Venture capital: Private investment capital provided to startups or small businesses with high growth potential.
Suggested Related Links:
– S&P Global
– S&P Global Market Intelligence
– S&P Global Market Intelligence – Main Domain
The source of the article is from the blog klikeri.rs