IMF tells EU ministers AI could boost growth but increase economic strains

The International Monetary Fund (IMF) has informed European Union ministers that artificial intelligence holds the potential to boost European productivity by approximately 1 percent over a five-year period. However, the international financial institution cautioned that the technology also poses risks of widening economic inequality and straining power networks.

According to an IMF paper presented to the ministers, roughly 60 percent of workers in advanced European economies are in occupations that are highly exposed to AI. Furthermore, the report warned that the technology could increase Europe's dependence on foreign technology.

The IMF advised that these economic strains can be mitigated only if European governments deepen their economic integration.