In recent years, plenty of attention has been devoted to the development of artificial intelligence, which is becoming an increasingly important component of the global economy. The examples of Amazon, Google and Tesla show that AI technologies have great potential, and they are finding increased use in other industries. However, such fast development also raises concerns regarding its impact on the economy and society. Read the article to find out how the development of AI will affect the global economy and what consequences it may have.

Benefits of AI development

The development of artificial intelligence certainly offers benefits in many different areas. AI technologies can improve the efficiency and quality of production, increasing the income of companies or even entire sectors. Further development of AI can also create new, more efficient working methods, which, in turn, may improve the competitive potential of businesses in the market. Artificial intelligence also enables a better analysis of data, facilitating quicker business decisions and identification of trends and patterns in customer behaviors.

AI in the global economy

The impact of artificial intelligence on the global economy is already noticeable. According to a report by the McKinsey Global Institute, the development of AI may increase the global GDP by 2% per annum by 2030, which corresponds to approx. 16 trillion dollars. In the future, the development of AI will lead to the appearance of new sectors and the creation of new jobs connected with the programming and maintenance of AI systems.

However, this phenomenon should be approached with caution because AI can also increase social inequality. Big corporations with appropriate financial and technical resources will be able to use the opportunities presented by artificial intelligence whereas smaller companies and businesses will find it hard to adapt to the quickly evolving reality.

Overcoming the challenges

The introduction of artificial intelligence into the global economy will certainly present many challenges. One of the biggest of them is education and training of employees. Along with the development of AI, many jobs will become automated, which will require employees to have different skills, such as programming or maintenance of AI systems. It is, therefore, necessary to provide appropriate education and training for the employees to enable them to adapt to the quickly evolving reality.

Another challenge is the need to ensure security and privacy of data. It is necessary to introduce appropriate regulations and standards concerning data processing and protection against cyberattacks. Many companies are already using solutions such as data encryption or backup copies, but the development of AI will make it necessary to introduce more advanced data protection methods.      

The development of artificial intelligence is both an opportunity and a threat to the global economy. On the one hand, AI can improve production efficiency, business processes and innovation, contributing to economic growth. On the other hand, there is a risk that the development of AI will result in redundancies in many sectors and increased social inequality. It is important to appropriately regulate the development of AI so as to minimise the negative consequences for society and, at the same time, use the potential of the technology to support economic growth and sustainable development. The key to success will be international cooperation and wise political decisions, taking account of the interests of all parties.

Bartłomiej Haba