How Can AI Help In Reviving The Economy?

How Can AI Help In Reviving The Economy?

The current financial situation, driven by the COVID-19 pandemic, needs a significant boost. Can AI be instrumental in this? Salesforce hopes its AI Economist could some day help governments create tax policies suitable for a post-coronavirus world.

In August, India’s GDP between April to June quarter was recorded at an abysmal -23.9%. As per the United Nation’s report, India’s economy is set to contract by 5.9% in 2020. Not just India, the economic situation is poor elsewhere in the world too. The current financial situation, driven by the COVID-19 pandemic, needs a significant boost to get back to normalcy. Can AI be instrumental in this?

Studies Scream ‘Yes!’, But With Caution

A key study on the possible effects of AI in accelerating was done by Mckinsey Global Institute in 2018, which attempted to simulate the impact of AI on the world economy based on three factors:

  • The behaviour of companies and dynamics of various sectors
  • Likely disruptions to countries, organisations, and workers due to transition to AI
  • Dynamics of AI concerning a wide range of countries with different characteristics 

This study found that there was massive potential for AI to contribute to the global economy. The study noted that by 2030, about 70% of the organisations would have adopted at least one of the AI technologies. On the other hand, the study predicted that the adoption of AI could further widen gaps among countries, companies, and workers.

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