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Alternative Market Briefing

Artificial intelligence to add $15tn to the global economy by 2030

Thursday, February 20, 2020

Laxman Pai, Opalesque Asia:

Artificial intelligence (AI) will contribute as much as $15.7 trillion to the world economy by 2030, according to a PwC report. That's more than the current combined output of China and India.

Of this, $6.6 trillion is likely to come from increased productivity and $9.1 trillion is likely to come from consumption-side effects, said the report.

"Our research also shows that 45% of total economic gains by 2030 will come from product enhancements, stimulating consumer demand. This is because AI will drive greater product variety, with increased personalization, attractiveness and affordability over time," the report pointed out.

Global GDP, which stood at about $74 trillion in 2015, will be 14% higher in 2030 as a result of AI, according to PwC's projections.

While some markets, sectors and individual businesses are more advanced than others, AI is still at a very early stage of development overall. From a macroeconomic point of view, there are therefore opportunities for emerging markets to leapfrog more developed counterparts.

"While human financial advice is costly and time-consuming, AI developments such as robo-advice have made it possible to develop customized investment solutions for mass-market consumers in ways that would, until recently, only have been available to high net worth (HNW) clients," said the report.

Finances are managed dynamically to match goals (e.g. saving for a mortgage) and optimize client's available......................

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