AssetID: 55966591
Headline: UNCAPTIONED: Andrew Bailey Warns AI Could Trigger Global Economic Downturn
Caption: Andrew Bailey Warns AI Could Trigger Global Economic Downturn. Bank of England Governor Andrew Bailey has warned G20 finance ministers that artificial intelligence could contribute to a global economic downturn and create significant cyber security risks. Writing as chairman of the Financial Stability Board, Bailey said a sharp slowdown in the AI sector could trigger a market correction with consequences around the world. He warned that high stock market valuations, increased borrowing by investors and the concentration of investment in a small number of major technology companies could amplify any downturn. Bailey also urged businesses to prepare for cyber attacks capable of disrupting multiple companies simultaneously as AI capabilities become more powerful. His warning follows calls from around 100 technology companies for governments to strengthen cyber defences. Bailey also highlighted market volatility caused by energy supply shocks linked to the US-Iran war. Instructions: THIS VIDEO MUST NOT BE EDITED FOR LENGTH TO COMBINE WITH OTHER CONTENT
Keywords: Current Affairs & Politics,Andrew Bailey,bank of England,governor,warned,warns,G20,finance ministers,artificial intelligence,contribute,global economic,downturn,create,significant,cyber security risks,markets
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