Moodys Chief Economist Examines AI Impact on Businesses, Workers, and Employers
- Mark Zandi, Chief Economist at Moody’s, discusses the potential for Artificial Intelligence to transform the way companies do business and how that affects workers and employers
- He explains that it generally takes several years or even decades for new technologies to be fully adopted by businesses
- AI has both challenges and opportunities for workers and employers, such as potential job elimination or higher wages
- The biggest risk for companies is high interest rates and a lack of access to credit
- Inflation is raising costs while also allowing some businesses to raise prices more aggressively, but this may not last if inflation moderates
- Recession risks are high in this high-inflation world, but the economy is resilient due to excess savings built up during the pandemic.
Americas Economic Resilience in the Face of Climate Risk
- The US is expected to remain the world’s leading economy, driven by its ability to attract the best and brightest
- Businesses are avoiding layoffs, helping the economy stay afloat
- However, there are costs associated with transitioning to green energy which could be a long-term burden on the economy
- Climate risk is now being incorporated into economic models.