‘A slow-motion tsunami’ — economic leaders voice concern and hope over AI in Bangkok

Photo: Collected

There is intense discussion worldwide about artificial intelligence, or AI, technology, and with it has come keen curiosity. On the one hand it is increasing the pace of economic growth; on the other it is creating the fear that millions of people worldwide will lose their jobs. International Monetary Fund (IMF) managing director Kristalina Georgieva has described this revolutionary change in the technology sector as a slow-motion tsunami.

On the opening day of the annual meetings of the IMF and the World Bank held in Bangkok, various forecasts and concerns about AI came through in the words of economic analysts and heads of state.

IMF chief Kristalina Georgieva said that although there is a sense of recession in the global economy because of the energy crisis, it is proving possible to hold world growth at around 3 per cent because of huge investment in AI infrastructure. This development of AI could raise growth by a further 0.5 to 1 per cent in advanced Asian economies and by 0.2 to 0.8 per cent in emerging Asian countries.

The other side of the coin of this achievement, however, is quite worrying. According to IMF research, about 40 per cent of jobs worldwide will be affected by AI — that is, they will either be improved, or transformed, or else disappear. For advanced economies the extent of this risk could stand at up to 60 per cent. By increasing the use of technology-based capital in place of labour-based work, it will also bring major changes to education systems and to governments’ tax collection strategies.

Singapore’s President Tharman Shanmugaratnam has expressed deep concern about the employment of new graduates. In his view, demand for first or entry-level jobs is now falling because of AI. He warned that if AI is not used under proper rules, it will further increase inequality between developed and developing countries; AI must therefore be put to work in such a way that it creates new and better work opportunities for people.

Alongside the concerns of the IMF and Singapore’s president, World Bank President Ajay Banga has offered a somewhat different and more hopeful view. He said he is not entirely certain that AI will destroy young people’s entry-level jobs overnight; in his view the impact of the large AI models will fall mainly on the developed world.

Ajay Banga said the World Bank is putting emphasis mainly on the use of ‘small AI’. This does not require vast computing power or large language models; rather, it is possible to raise the productivity of farmers, health workers and teachers in developing countries by using simple technology at low cost.

This tide of technology cannot be held back. But as the nature of work changes, building oneself up with new skills is now the main challenge for human resources.

Background

There is also a special significance for Bangkok around the conference. According to a report of 12 October 2026 in The Standard, this is the first time since 1991 that the Thai capital has been given the responsibility of hosting the annual meetings of the IMF and the World Bank, and the main topic of discussion on the opening day was AI.

The numbers

In the same report by The Standard, Georgieva is cited as saying that AI could affect 40 per cent of jobs worldwide and that this rate is 23 per cent in low-income countries; the technology mainly changes the nature of work before eliminating whole positions. The figure of 60 per cent risk for advanced economies is not in that report — there is a difference in the information between sources.

According to the account in the same report, AI-driven productivity in advanced Asian economies could offset up to 1 percentage point of the GDP pressure caused by ageing — The Standard provided this information on 12 October 2026.

At a glance

Ajay Banga has identified five sectors for job creation — infrastructure, agriculture, primary healthcare, tourism and manufacturing; in his view employment in the age of AI will depend on infrastructure and good governance — The Standard provided this information on 12 October 2026.

Sources

Main report: Ajker Patrika

Background source: The Standard, 12 October 2026