The global economy is changing due to artificial intelligence (AI). It is redefining industries, labor markets, and social dynamics. There are advantages and disadvantages to this change. From 2024 to 2030, the worldwide AI market is anticipated to expand at a compound annual growth rate (CAGR) of 36.6%. Because advanced economies prioritize cognitively demanding jobs, they will undergo these transitions sooner than developing countries.
Rankings of the countries on the AI Preparedness Index (AIPI) in 2023
- AIPI, which stands for AI Preparedness Index, quantifies a nation’s capability to embrace artificial intelligence.
- They are digital infrastructure, human capital and technology, technological innovation and development, and legal infrastructure.
- Here are the top 10 countries in the IMF ready for AI in 2023: Singapore, USA, UK, Germany, France, Canada, Australia, Sweden, Netherlands, Finland.
- India is in 72nd position with 174 countries, with an average rating of AI Preparedness Index of 0.49, but it has the highest percentage of users of artificial intelligence.
- Other emerging’ markets of the same combine, such as Bangladesh and Sri Lanka, are outranked, while China is only ranked 31.
- Global familiarity with AI tools differs—from 93% in India and the UAE to 81% of the Chinese and 87% of the Saudi users.
- Some of the issues for the advanced economy focus on improving the quality of regulation for AI, improving the reallocation of workers from less productive jobs, and shielding those who will be displaced by AI/robots from the job market.
- Therefore, emerging markets should improve their digitization status and digitally skilled workforce as they apply AI.
Month: Current Affairs - November 27, 2024
Category: