According to a latest report published earlier last week, the UK economy could shrink by billions of dollars due to increasing impact of artificial intelligence and machine learning technologies.
The research, carried out by The Economist Intelligence Unit has portrayed several scenarios how the technological advances might affect world economy in the coming years. In one scenario, human skills were complementary to artificial intelligence. Thanks to increased governmental funding in training workers, large number of countries benefitted from the practices.
However, in another scenario where there was no attempt to increase skills of human workers, AI took over human jobs. In this case, both UK and Australian economy suffered the biggest economic consequences as in this scenario, UK would lose $420 billion while Australia will lose $50 billion. On the other hand, other countries will continue to grow but significantly less than the expectations.
The authors said, “There are many understanding gaps when it comes to AI, but one of the most important to bridge is that between developers and businesses and government institutions. The former are often only dimly aware of what the latter two really need, and the latter, in turn, are often only dimly aware of the potential solutions the former could provide.”
“A more robust and frequent exchange of information, capabilities and needs would help to remedy this.”