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AI will Benefit Countries with an Aging Population and where Labor Force Growth is Low

According to Rob Subbaraman, chief economist for Asia ex-Japan at Nomura, artificial intelligence and other new technologies could take off in countries with a shortage of young workers including Japan, China, South Korea,Taiwan and Japan could be the country to watch when it comes to artificial intelligence adoption.

PwC (PricewaterhouseCooperspredicted) predicted that by 2030, artificial intelligence will drive global gross domestic product higher by 14 percent.

“If you don’t embrace these new artificial intelligence, robotics and ways to make up for shortages of youth labor, you’re going to have a slowdown of potential growth,”

“Governments need to be forward-looking and start acting now in terms of retraining workers, encouraging labor mobility, spending more of their fiscal budget on this,” he said. “That’s where I think they need to start moving a lot faster than they have.”

Globally, A.I. could drive global gross domestic product (GDP) higher by 14 percent in 2030, which would be an equivalent of an additional $15.7 trillion, professional services firm PwC said in a June report.

Improved labor productivity is expected to make up for over half of all economic gains from artificial intelligence between 2016 and 2030, said PwC.

https://www.cnbc.com/

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