By 2040, artificial intelligence could increase global trade volumes by almost 40%. However, according to the WTO, without a well-thought-out policy, the technology could deepen economic inequality. These conclusions are contained in a new report by the World Trade Organization, writes UNN.
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The WTO report predicts that reduced trade costs and increased productivity due to artificial intelligence could stimulate global GDP growth by 12–13%, and the level of world trade by 34–37% in just five years.
Artificial intelligence can be positive news for trade in an increasingly complex trading environment
She also stated that technologies are changing the future of the global economy, increasing productivity and helping to reduce trade costs.
The report also highlights how businesses can reduce logistics, compliance, and communication costs.
AI-powered translation technologies can make communication faster and more cost-effective, which is especially beneficial for small manufacturers and retailers, allowing them to expand into global markets
According to World Trade Organization forecasts, low-income countries could increase exports by 11% if they improve their digital infrastructure.
However, the organization warns that without targeted investments and specific policies, artificial intelligence could deepen existing disparities.
The implications of developing and implementing artificial intelligence raise concerns that many workers and even entire economies could be left behind
WTO Director-General Ngozi Okonjo-Iweala emphasized the need to manage the transition to artificial intelligence.
Artificial intelligence can revolutionize labor markets, transforming some jobs and displacing others. Managing these changes requires investment in domestic policies to improve education, skills, retraining, and social protection systems