Artificial Intelligence: “Huge” Economic Benefits and Overcome Concerns

11 Dec 2024 Some insist on raising fears about artificial intelligence and the loss of millions of jobs and thus increasing unemployment rates, and thus they say that it poses a danger. Indeed, there are two real dangers; but neither of them threatens jobs.

Even despite these concerns, its enormous benefits cannot be ignored, as it will revolutionize various economic sectors.

AI analytics agency AIEA, part of the London-based Deep Knowledge Group, predicts the AI economy will jump from $20 trillion this year to $34 trillion by 2027, and that may be one but not all of the benefits of AI’s development and proliferation.

Global revenues related to AI software, hardware, services and sales are likely to grow 19% annually, reaching $900 billion by 2026, up from $318 billion in 2020, according to a Bank of America report. By some estimates, AI will contribute more than $15 trillion to the global economy by 2030.

The global economy will benefit from AI by increasing productivity, by automating tasks, especially those routine tasks currently performed by humans, allowing them to focus on more creative and productive tasks. AI can also improve business processes by analyzing data and facilitating access to the best ways to improve.

Many fear that AI will eat up millions of jobs and thus exacerbate unemployment levels. IMF Managing Director Kristalina Georgieva says that “AI will affect about 40% of jobs worldwide, replacing some and complementing others. In advanced economies, about 60% of jobs could be affected by AI.”

Artificial intelligence may indeed lead to the loss of millions of jobs, but it will create new ones that did not exist before. With the beginning of the industrial revolution and the invention of the machine, there were the same fears that new machines would take away human jobs, and they quickly created many more jobs. Fear is human nature, but it must be thought of with some logic and neutrality.

It is true that some people should fear for their jobs, not because artificial intelligence represents a real threat to them, but because this fear will push them to oppose artificial intelligence, avoid it, and not benefit from it. This will facilitate the transfer of this job to others who have overcome their fears and harnessed artificial intelligence to serve them, achieve their goals, and facilitate their tasks through innovative methods.

This is what AI does: it accelerates innovation by helping companies develop new products and services faster. It will also reduce costs by reducing waste across industries, improving process efficiency, and automating manual tasks.

AI will create new job opportunities by developing new sectors, increasing demand for specialized skills such as software engineering and data science, and will boost entrepreneurship and provide new tools for startups.

At the individual and corporate level, AI will improve the standard of living by increasing income, improving the level of services, and providing new opportunities for learning and professional development. For example, AI will help every student have his own teacher, and every person will have his own doctor, which will eliminate deep-rooted problems in many societies and will improve education and health levels.

At the country level, AI will boost GDP, create millions of jobs, and attract billions to countries that invest in the technology. “AI will transform the global economy, just as electricity and the steam engine did in their time,” says Chris Heisey of Merrill Lynch.

To deepen the benefit of artificial intelligence and its enormous benefits, we must pay attention to two things, as they may indeed be the source of danger, contrary to what some promote about it fighting jobs and deepening unemployment.

Government policies must be coordinated, and globally, to ensure that evil people do not exploit this powerful technology to the detriment of humanity. The second thing is that artificial intelligence so far does what is asked of it with a quality that exceeds the ability of individuals, and it does not have a desire, such as love and hate or the desire to cause harm or injury, and this must be ensured not to happen so that the machine does not control humans, and then the real danger will be.