CHANGING THE GAME

THE SHEER MAGNITUDE OF AI INNOVATION HAS IMMENSE POTENTIAL TO REVOLUTIONISE INDUSTRIES IN THE GCC REGION INCLUDING EDUCATION, HEALTHCARE AND FINANCE

Artificial intelligence (AI) is going to be a big game-changer in the global economy, and much of the value potential is up for grabs.

With the growth of AI, questions about how this technology will impact businesses, consumers, and the economy, in general, have emerged. Good or bad, AI is projected to play an outsize role in the global economy by the end of the decade.

AI could contribute 45 per cent of total global economic gains by 2030, according to DeepFest’s Artificial Intelligence - Global and Saudi Arabia Focus 2024 report. China and North America are set to register significant increases in GDP from AI at 26.1 per cent and 14.5 per cent, respectively – totalling $10.7tn and accounting for around 70 per cent of the global economic impact.

Powering this growth optimism is the fact that nearly every industry from finance and legal to manufacturing and entertainment has embraced AI as part of its foreseeable strategy. Backers of AI predict a productivity leap that will generate wealth and improve living standards. However, economists argue that if medieval advances in the plough didn’t lift Europe’s peasants out of poverty, something similar could happen with AI if it enters our lives in such a way that the touted benefits are enjoyed by the few rather than the many. Automation through AI could lead to job losses in certain sectors, particularly those involving repetitive tasks. While new jobs may be created, there are concerns about the ability of workers to transition to these new roles and the potential for increased inequality.