Aristotle speculated that tools could end human labor if they could be made to work on their own. Centuries later, Keynes warned about the potential job losses from technological advancements. Neither of them, however, could have predicted the potentially massive impact of Artificial Intelligence (AI). Natural language processing and generative models like Open AI’s ChatGPT … [Read more...] about Taking the Pulse of Employment in the New World of AI
Eric Parrado Herrera
Eric Parrado Herrera is Chief Economist and General Manager of the IDB’s Research Department since March 2019. Before joining the IDB, he was a professor of economics and finance at the ESE Business School of the Universidad de los Andes in Santiago, Chile. Mr. Parrado is a visiting professor at Oxford University and the Central European University, and a member of the World Economic Forum's Global Future Council on Financial and Monetary Systems. Throughout his professional career, Mr. Parrado has focused on monetary, fiscal and financial policy, advising central banks on managing inflation targeting regimes and implementing sovereign wealth funds in several countries. He has also written several academic articles on monetary policy, fiscal policy and sovereign wealth funds.
AI Reinvents IDB Flagship Reports: Ushering in a New Era of Interactive Economic Research and Policymaking
Imagine engaging in a conversation with a comprehensive macroeconomic report, asking questions, exploring scenarios, and receiving real-time insights tailored to your queries. The Inter-American Development Bank has made this vision a reality by seamlessly integrating an AI system within its flagship reports. The 2024 Latin American and Caribbean Macroeconomic Report, Ready for … [Read more...] about AI Reinvents IDB Flagship Reports: Ushering in a New Era of Interactive Economic Research and Policymaking
How the COVID Pandemic Affected Automation and Labor Markets in Peru
As COVID-19 struck the developing world, governments imposed mobility restrictions to reduce contagion, causing severe disruptions in labor markets. In Latin America and the Caribbean, where 57% of all workers hold informal jobs that often require them to be physically present, nearly half of the labor force was compelled to stop work in the first phases of the … [Read more...] about How the COVID Pandemic Affected Automation and Labor Markets in Peru
Can Latin America and the Caribbean Unlock AI’s Potential While Mitigating Its Perils?
This article is the first in a series dedicated to exploring the opportunities and risks of AI for Latin America and the Caribbean Artificial Intelligence (AI) has emerged as a disruptive force that promises to reshape economies across the globe. With its ability to process vast amounts of data, learn from patterns, and make intelligent decisions, AI holds immense potential … [Read more...] about Can Latin America and the Caribbean Unlock AI’s Potential While Mitigating Its Perils?
FINLAC: A New Initiative on Financial Inclusion to Boost Economic Recovery and Transform Lives
The COVID-19 pandemic has battered Latin American and Caribbean economies. Due to its large informal sectors, weak health systems, and fiscal restrictions, the region’s economy has been hit harder than any other declining by 7% last year—the largest GDP contraction since 1821. But unlike previous crises, where problems originated or were exacerbated in the financial sector, … [Read more...] about FINLAC: A New Initiative on Financial Inclusion to Boost Economic Recovery and Transform Lives