00:00Our messages indeed apply to most countries, but again the trade-offs and the choices that have to be made
00:06are much more difficult for the most vulnerable countries, the ones that are the commodity importers and the ones that
00:13are not plugged in in the AI chain.
00:16And unfortunately after years of the global economy being hit shock after shock, debt levels have increased quite a lot
00:27and at the same time inflation has become a problem.
00:31We've seen the impact of AI so far mostly through its demand effects, through the increased demand for investment that
00:40has certainly benefited some countries like the U.S. but also through the supply chain, many countries in Asia.
00:47So if that were to unwind, then we would see a negative impact on output not only in advanced countries
00:56like the U.S. but again through trade linkages also in Asia.
01:00Then again, if there were to be a repricing of market expectations in that space, then that through wealth effects
01:09is going to amplify the impact from investment.