AI Impact on Global Economy

 AI is actually expected to boost global economy with increased productivity, efficiencies, and many new job profiles in future.

AI can be expected to boost global GDP by about 26%, i.e., add about $13 trillion to the global economy by 2030 – based on McKinsey’s abstract of UN, World Bank, and World Economic Forum talks. Driving this would be over two-thirds of businesses globally adopting AI technologies by 2030 – some extensively, other partially. Increasing automation of manufacturing, logistics, transport, as well as routine tasks by workforce will increase productivity and efficiency. It will also free up more time for creative and innovative thinking, and R&D.

In the realm of UX or user-experience, a positive socio-economic outcome of AI will be higher-quality and personalised AI-enhanced products and services increasing user experience and convenience. People will have better and quicker access to customized advice and support in the realms of health, careers, legal and urban services.

Future advances and applications in AI are anyone’s guess, with some forecasts propose scientific breakthroughs leading to entirely unforeseen industries and therefore, skill-demands. Sectors believed to afford greatest opportunity in AI advances include marketing and sales, supply chain management, logistics, manufacturing, transport and technology. 

(Source: www.europarl.europa.eu; www.mckinsey.com, www.bernardmarr.com)