Kamer van Koophandel en Nijverheid Aruba | Chamber of Commerce and Industry Aruba

MAXIMIZING AI’S ECONOMIC, SOCIAL, AND TRADE OPPORTUNITIES

Aruba, May 14, 2019 –

ARTIFICIAL INTELLIGENCE (AI) IS SHAKING UP THE WORLD ECONOMY

AI is already affecting how economies grow, produce jobs, and trade internationally. McKinsey estimates that AI could add around 16 percent or $13 trillion to global output by 2030. According to an analysis by Paul Daugherty and Mark Purdy of the impact of AI on 12 developed economies, including the United States, AI could double annual economic growth in these countries by 2035.

While the U.S. leads on AI development, other governments are racing ahead with their own AI investment and development strategies. For instance, China, the U.K., and France plan to increase research and development (R&D) funding for AI, as well as education and skills development to expand the pool of workers capable of contributing to AI.

Efforts to develop appropriate international AI governance rules are vital, but not well developed. Any viable approach should avoid a thicket of regulatory approaches that create barriers to the evolution of AI and to the global diffusion of AI products. Some country-level AI strategies, such as those being rolled out by the U.S. and the EU identify the need for such international cooperation.

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