What impact will artificial intelligence have on economy?

Question

What impact will Artificial Intelligence have on the economy?

Answer 1

The impact of Artificial intelligence is very huge in our lives and economy and is already showing an impact on our world in many several ways. All top countries like the US, China, etc. are competing with each other to reap its benefits and also emerged on the scene.

AI can help increase the productivity and economy of the country by increasing the efficiency of doing tasks and improving the decision-making process by analyzing a huge volume of data. AI also helps in creating new products, services, markets, and industries that increase the demand and generates more revenue.

But, the disadvantage is AI can widen the gap between the developed nations and developing nations. There will be a need for workers with certain skills that provide new jobs by removing the existing jobs in the labor market. As experts predict, there can also be some serious issues like increase inequality, push down wages, and shrink the tax base.