Artificial Intelligence (AI) has the power to significantly enhance the global economy, contributing between $2.6 trillion to $4.4 trillion annually. However, there are challenges that must be addressed, especially regarding its impact on communities that are already excluded from the digital economy. This was highlighted in a presentation at the World Economic Forum (WEF) annual meeting.
The Need to Bridge the Digital Divide
Despite the rapid growth of the internet, more than 2.5 billion people globally still lack access to it. This digital divide prevents individuals from accessing essential services such as finance, banking, education, and healthcare. Even in developed nations like the US, nearly 24 million people are without high-speed internet access, limiting their participation in the economy and hindering their access to essential digital services.
AI Can Create Wealth but We Must Be Cautious
AI has the potential to create significant wealth across generations, but its implementation needs careful management. To avoid reinforcing existing racial and gender biases, the tools and technologies developed must be inclusive. With the right approach, AI can drive economic growth that benefits everyone, ensuring prosperity across different communities.
Three Waves of AI Opportunity
AI's growth will unfold in three phases. The first wave has already begun, benefiting hardware vendors. The second wave will benefit large tech companies like Microsoft, Google, and Oracle, which provide broad connectivity and compute capabilities. The third wave will focus on enterprise software vendors offering AI and GenAI solutions. These three sectors are key to AI's equitable development and deployment, ensuring the technology can be utilised to its full potential.
As AI continues to evolve, we have the opportunity to shape its future. The ongoing development of AI technologies should be done in a way that ensures access to the internet, AI education, and tools for everyone, regardless of their location or background. By acting thoughtfully and decisively, we can unlock the full economic potential of AI and ensure its benefits are felt worldwide.