PwC Confirms AI to Strengthen World Economy

From a $9.1tn increase in consumption to $6.6tn in new profits, Price Waterhouse Coopers estimates that by 2030, $15tn will be added to the global economy through advances in artificial intelligence.

In their research, PwC concluded North American consumers and industries were more accepting of AI than other geographic areas. The US is poised to initially see more gains from AI due to the GDP from domestic manufacturing. China will eventually surpass the growth seen in the US with a potential increase of $7tn to the economy.

In their latest report, PwC defines AI as “a collective term for computer systems that can sense their environment, think, learn and take action in response to what they’re sensing and their objectives” and incorporates four functional aspects: automated intelligence, assisted intelligence, augmented intelligence and autonomous intelligence.

Accenture concurs with the result of PwC’s latest report in that they estimate that with assistance from AI, there is the potential to double GDP growth in 12 developed nations, which account for more than half of the world economy, by 2035. Among the top to benefit from AI installations are the US, UK, Japan, China, Finland, Sweden, Netherlands, Germany and Austria.

“AI has huge potential to boost economic growth”, says Mark Purdy, Managing Director and Chief Economist, Accenture Research. “It can have a pervasive impact on business profits because it affects nearly every part of the organisation ‒ from production, to sales, to innovation.”