We observe a considerable influence on human lives, society, and numerous business spheres, but it does not begin or end there. AI is also going to alter the economy which will have both positive and negative outcomes.
“AI has the potential to deliver additional global economic activity of around $13 trillion by 2030, or about 16 percent higher cumulative GDP compared with today.” McKinsey & Company
But with the advent of artificial intelligence, it is not uncommon to hear such questions as Will artificial intelligence take over the world and leave us unemployed? The answer is — it might. This may be a major downside to the impact of artificial intelligence on the economy. Companies across multiple domains are going to integrate AI technologies in many aspects of their business and it will definitely have an impact on the economy. For instance, the adoption of artificial intelligence will automate the manual routine of a worker, so if you want to stay competitive, you might want to require some digital skills. McKinsey & Company described another disadvantage of AI as follows — it is going to widen the gap between various countries due to the different levels of artificial intelligence adoption.