Artificial intelligence (AI) is revolutionizing industries worldwide, transforming the global economy and sparking debate about its impact on labour markets and innovation. David Barrett, CEO of EBC Financial Group (UK) Ltd., shared his insights on how businesses can harness AI’s potential while navigating its challenges.
Contrary to fears of widespread job losses, AI is driving growth across various sectors, with tech firms heavily investing in data centres, talent, and cutting-edge technologies. Barrett notes that the current phase is about expansion and innovation, rather than disruption. The global economy is witnessing a growth cycle, with AI adoption still in its early stages.
However, Barrett also acknowledges AI’s limitations, particularly when it comes to nuanced or complex topics. He cites examples of errors in complex applications and faulty AI-generated references used in court cases. While AI excels at general information retrieval, its capabilities remain limited but hold promise as the technology matures.
To unlock AI’s full potential, businesses must focus on scalability and responsible growth. Barrett emphasizes the need for sustainable investment strategies, collaborative innovation, and widespread integration to justify current levels of investment. The long-term benefits of AI are clear, but its path is not without challenges, including elusive monetization and significant upfront costs.
For economies in the Asia-Pacific region, which rely heavily on industries like semiconductors and electronics, Barrett highlights the potential for collaboration and shared expertise in AI integration to address sustainability challenges and drive economic growth. By harnessing AI’s potential responsibly, businesses can create a more resilient and competitive ecosystem.
Source: https://www.bangkokpost.com/thailand/pr/2927562/ai-powering-innovation-growth-and-global-economic-shifts-