India working to reform World Bank: Lawrence Summers

Global economic growth is set for a transformative shift, driven by artificial intelligence (AI) and technological advancements, American economist Lawrence H Summers said while cautioning against leaving technology unchecked.

Speaking at the diamond jubilee event of the Delhi School of Economics, Summers highlighted how technological changes are poised to dominate economic history in the coming decades.

"There's a chance we may be headed for another kind of transformative change with the spread of artificial general intelligence," Summers said, describing AI as "the first technology that is, in a profound sense, self-improving". Unlike previous innovations like electricity or fire, which required human input for improvements, AI has potential to enhance itself and lead to exponential advancements, he observed.


Summers also praised India's economic evolution, highlighting its growing influence on the global stage. "The fact that instead of the World Bank working to reform India, India is working to reform the World Bank marks the kind of spectacular change that has taken place in India," he said.

He pointed to India's success in energising its economy by allowing private sector initiatives to flourish. "The removal of excessive regulation, excessive need for permits of various kinds, can contribute to the more rapid diffusion of technology," he said.