Technology is enabling businesses to operate more efficiently and intelligently, but it also poses a risk of job displacement, particularly in nations reliant on low-cost labor.
According to the United Nations Conference on Trade and Development (UNCTAD), artificial intelligence is rapidly advancing and is projected to reach a value of $4.8 trillion by 2033, comparable to the current size of Germany’s economy.
In 2023, cutting-edge technologies such as AI, 5G, and blockchain constituted a $2.5 trillion market, with expectations for this figure to increase sixfold over the next decade, driven primarily by AI advancements.
The report highlighted that while AI has the potential to stimulate economic growth, it may also exacerbate inequality. The majority of AI research and development is concentrated in a limited number of countries, predominantly the United States and China, with a mere 100 companies accounting for nearly half of the total investment in AI research.
UNCTAD Secretary-General Rebeca Grynspan emphasized the need for global initiatives to ensure that the benefits of AI are distributed equitably.
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“History has demonstrated that while technology can foster economic growth, it does not inherently create equitable opportunities for everyone,” she remarked.
The agency called on nations to invest in digital infrastructure and AI education to adapt to the rapidly evolving landscape.
Additionally, it advocated for robust international collaboration to ensure that AI is utilized in ways that benefit society as a whole, rather than solely serving corporate interests.
