Reuters questioned the decline in inflation amid productivity growth due to AI
Silvana Tenreiro, chief economist at the International Monetary Fund, warned that increased productivity due to the introduction of artificial intelligence (AI) will not necessarily lead to lower inflation. This was reported on August 20 by the Reuters news agency with reference to the company's report.
"If investment demand or spending in anticipation of future productivity growth occurs earlier than this growth actually occurs, this can lead to a shortage of supply and increased inflation," the material says.
The article explains that companies and consumers can start actively spending money on AI even before it delivers the promised productivity gains. As a result, demand will temporarily outstrip the economy's capacity, which will drive up prices and may require an increase in interest rates. This effect is already evident in the electronics market: high demand from data centers has led to higher prices for computer memory and graphics chips, followed by higher prices for smartphones, laptops and other electronics.
It is noted that large employers have mostly refrained from hiring employees due to economic uncertainty or the belief that AI can take on more tasks. However, the costs and limitations of AI require an increase in staff.
Bloomberg reported on August 6 that the Bank of England expects a sharp increase in enterprise productivity due to the introduction of AI, which could lead the British economy out of a prolonged recession, despite job cuts. It was noted that AI has the potential to bring the economy out of a prolonged period of weak growth.,
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