Science & Technology

AI’s Impact on Global Economy

Artificial intelligence (AI) is revolutionizing the world, and its economic impact is undoubtedly significant.

AI has automated many tasks in the fields of writing, computing, data analysis, graphics, displacing some jobs but creating new ones. According to the global management consulting McKinsey, AI will create up to 800 million new jobs globally by 2030.

AI’s potential for growth is undeniable. The International Monetary Fund (IMF) predicts AI could contribute $14 trillion to the global economy by 2030.

While the exact impact varies by year, AI is already driving economic growth. PwC estimates AI will contribute 1.2% annually to global GDP by 2030. This translates to trillions of dollars added to the global economy.

The economic impact of AI isn’t uniform. North America and China are expected to witness the most significant effects, with estimates suggesting AI could boost their GDP by 14.5% and 26% respectively by 2030.

Several Muslim-majority countries are launching AI strategies. The Organisation of Islamic Cooperation (OIC) established a dedicated AI Working Group in 2021 to promote responsible AI development across member states. Additionally, countries like Saudi Arabia and the UAE have national AI strategies with significant investments. Other distinguished examples include Qatar’s integration of AI in its logistics sector to improve efficiency, and Malaysia’s AI initiatives in healthcare..

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