As we stand on the precipice of this technological revolution, a critical question arises: will tech turn the world order on its head?
The impacts of AI and technology on economies are poised to be profound, and far-reaching. Emerging markets, like India, are poised to reap substantial benefits, leveraging their youthful demographics and expanding digital infrastructure to drive economic growth and innovation. However, economies with limited access to digital resources and educational opportunities face the stark possibility of widening inequality on a global scale. European economies, especially those experiencing stagnant growth, might struggle with increased job losses due to automation.
A Double-Edged Sword: Artificial Intelligence’s potential to revolutionise industries is both promising and threatening. It enhances productivity and innovation but risks job displacement, especially in routine sectors.
The rise of AI and technology threatens to exacerbate social inequality, as automation displaces low-skill jobs, disproportionately impacting lower-income workers. Without proactive measures, societal gaps may widen, and AI could reshape human interactions and community dynamics, potentially fragmenting society. Equitable access to education, reskilling programmes, and strong social safety nets are vital to mitigate these risks and promote inclusivity. Strategic planning and policy are crucial to maximise AI’s benefits and minimise its societal impacts.
This story is from the 24 August 2024 edition of BW Businessworld.
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This story is from the 24 August 2024 edition of BW Businessworld.
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