The head of the development bank said he saw enormous potential in the technology to advance healthcare and other fields.
Yet its influence on global inequality was going overlooked, Mr Banga told a Lowy Institute event during his Australia visit.
"We should think about whether AI is going to make the fight of inequality easier or tougher in the coming years," he said on Tuesday.
Four things were needed to make the most out of the technology: computing power; an abundance of electricity; data kept in its simplest form; and a workforce capable of manipulating that data.
"Emerging markets, by and large, has neither computing power, nor the electricity, nor data kept in its simplest, safest form, nor the people to manipulate it," Mr Banga said.
This was a different lens from the traditional focus on its opportunities, which the World Bank chief said he was simultaneously "greatly excited about".
"But I'm also worried about this side of it," he said.
Generative AI technology creates new content such as text, images, audio and code from text prompts and has captivated the public since ChatGPT launched in late 2022.Â
While lauded for its potential to boost productivity, the technology has its drawbacks, including its ability to create deepfake pictures and other misinformation.
Last week, the federal government revealed voluntary artificial intelligence standards on Thursday, including encouraging businesses to warn customers when they are using it.
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