AI offers ‘lifeline’ for emerging economies, World Bank says
A new World Bank report suggests that artificial intelligence could significantly accelerate development in emerging economies by improving access to services like healthcare and education. The report notes that these nations face lower risks of AI-driven job displacement compared to wealthier countries.
Why it matters
This perspective challenges the narrative that AI is primarily a threat to global labor markets, suggesting it may serve as a developmental catalyst for the Global South.
LONDON, Aug 4 (Reuters) – Artificial intelligence could enable developing countries to gain a century’s worth of development in a decade if they act quickly on power, connectivity and skills gaps, the World Bank said in a report on Tuesday.
Widespread job losses due to AI are also less of a threat to emerging economies, the report found, adding that developing economies have more to gain and less to fear than richer nations.
“AI has thrown developing economies a lifeline, and they should seize it,” Indermit Gill, the World Bank’s chief economist, said in a statement accompanying the report.
Companies worldwide are spending billions to harness an anticipated AI revolution, while governments are scrambling to ensure their nations reap the benefits.
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