Dhananjai Rana, LL.M, O.P Jindal Global University
ABSTRACT
Globalisation, artificial intelligence, and international economic expansion frequently coexist. The McKinsey World Institute recently examined economic statistics from the World Bank, the World Economic Forum, and the United Nations and found that by 2030, AI has the potential to boost the global economy by 16%, or nearly $13 trillion. Additionally, it might increase the world GDP by up to 26%.
In addition, McKinsey predicts that by 2021, at least 70% of companies would likely be using AI in some capacity, whether it is through computer vision, advanced machine learning, natural language processing, robotic process automation, or virtual assistants.
Artificial intelligence is becoming more and more prevalent in our lives and economy and has a big impact on our world in many different ways. In the competitive race to reap its rewards, the US and Asia have emerged as the global leaders. Many individuals think AI will increase economic growth and productivity. It may considerably enhance decision-making and increase the effectiveness of operations by analysing a lot of data. Additionally, it may result in the creation of brand-new sectors, markets, goods, and services, which will boost demand from customers and provide fresh revenue streams.
Artificial intelligence has a variety of effects on organisations, countries, and even specific individuals. The future of labour in the US is already fraught with uncertainty, which is further made worse by the development of artificial intelligence.
As organisations begin to use AI tools to automate various processes and move away from these repetitive tasks, jobs that call for a specific skill set or level of education may become more in demand.
Artificial intelligence has a variety of effects on organisations, countries, and even specific individuals. The future of labour in the US is already fraught with uncertainty, which is further made worse by the development of artificial intelligence.
As organisations begin to use AI tools to automate various processes and move away from these repetitive tasks, jobs that call for a specific skill set or level of education may become more in demand.It would be conceivable to use policy to encourage the development of AI while limiting its negative effects. The EU has the chance to improve its standing in the international market and direct AI in a way that benefits its people and economy. To accomplish this, it must first agree on a common strategy that would work in its favour and enable member states to effectively pool their resources.
This paper is an attempt to figure out what AI is exactly, and how it contributes to global expansion. Below, we’ll explain how AI works, how it impacts economic growth, and how it is likely to contribute to global expansion both now and into the future. The threats it poses to human employment in the increasing pace of Globalisation.
Keywords: Globalisation, Artificial Intelligence, World economic forum, threats, GDP.
