Artificial Intelligence is rapidly transforming the global economy, reshaping certain industries, and changing the ways businesses are operating. The smarter AI becomes, the more of an impact it will have in our productivity, revolutionizing the job market, economic growth, and elements of social and ethical considerations.
In this blog, we explore 3 ways on how AI is impacting the world.
Job Market Transformation & Workforce Dynamics
AI is changing the job market in many ways, offering both positives and negatives. It’s quick adoption by businesses has lead to increased efficiency in the day-to-day activities. This has helped people with the creation of new job roles with employees simply typing out what they require from a specific job role, and AI does the rest. AI has also impacted the job market in Malta, where jobs which requires manual labor, such as manufacturing, transportation and services, will eventually experience a decline and face the risk of being displaced by AI-powered machines and autonomous vehicles.
Economic Growth and Productivity Gains
AI is seen as a powerful driver of economic growth, projecting an astonishing US$ 15.7 trillion to global GDP by 2030. It’s seen to continue growing and enhancing itself in productivity, which is expected to add a further US$6.6 trillion, contributing another US$9.1 trillion. With AI’s ability to process large amounts of data and deliver actionable insights, is allowing people to further innovate, optimize and even personalize user experiences, reducing the operational costs of businesses around the world. This plays a huge affect on the overall expansion of the global economy.
Challenges and Ethical Considerations
Whilst also being a positive influence to the world, AI faces its own challenges. Some challenges include ethical considerations such as privacy concerns, algorithmic bias and even the potential of increasing income inequality. One of the most important ethical concerns is data bias. AI systems is as good as the data that feeds it. This means that it learns based on the input of information you give it. Garbage in, Garbage out. If the information is insufficient or objective, its output becomes subjective and inaccurate.