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Impact of AI on the Global Economy By: Liza (Daulat Ram College, D.U.)
Equipped with technology everywhere, there’s no way for us, humans, to escape from Artificial Intelligence (AI) anymore. From algorithms to an end-user product, AI has been innovating our lives in quite a subtle manner. The patents of AI products have rapidly increased in recent years.
According to a report by Accenture covering 12 developed countries proclaims that by 2035, AI could double up the annual global economic growth rates. AI will steer this growth up in three major ways. Firstly, it will improve productivity of labour through launching innovative technologies in the market enabling a more efficient workforce. Secondly, it will create a new virtual environment capable of solving problems and self-learning. Thirdly, it will trigger the effect into different sectors by automating just one sector. Overall, it will trickle down the effect to each sector in the economy. Though AI would be making life easier around the world, the impact would be different across different corners. China has vast manufacturing units that will take a huge chunk of time for full automation of technology but the economic gains are going to be unparalleled. The impact of AI would be divergent for different areas of an economy.
Competitiveness in Manufacturing From technologies like data analytics to cloud computing, AI is going to revolutionise the manufacturing units in upcoming years. A huge chunk of data will be collected from the customer
