Introduction of Artificial Intelligence to Economy – How Ready are Governments Worldwide
December 24, 2022
Do you ever wonder, how you always end up getting recommendations of videos that you might like on Youtube, or how the ads on Instagram and Facebook are related to what you were looking for, that’s how fast machines have understood the human brain and this understanding of human brain by computers is called as Artificial Intelligence. It has revolutionized how platforms like YouTube and Instagram tailor recommendations and ads based on user interests. This understanding of the human brain by computers exemplifies the rapid advancement of Artificial Intelligence in analyzing and predicting human behavior online.
AI in layman’s terms means an attempt to imitate human intelligence. Gone are those days when AI was limited to Robots only, now the presence of AI has widened from automatic driven cars to marketing chat box and to face unlocks.
When AI is ruling the world around us, it becomes important to understand how this is going to impact people in the long run. While machines are taking up the jobs and tasks which were earlier performed by man, as machines have developed intelligence, memory, and labor,and this way man is free to do the task that he is good at i.e. empathy and creativity.
The report thus offers a study to understand how AI will affect countries’ economic growth. This study looked at the data for 20 countries corresponding to the government’s readiness to use AI and a comment has been made on the impact of a government’s readiness to use AI on a country’s economic growth.Through this study, an effort has also been made to find what other factors can affect a country’s economic growth along with AI. But the study does not offer a wider range of perspectives on AI and Economic Growth since there are few limitations in the study and thus gives scope for further research and all of this has been discussed in the research report.
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