AI to replicate what steam engine did to global growth

Sep 05, 2018, 8:52 AM EDT
(Source: deepak pal/flickr)
(Source: deepak pal/flickr)

A study by famed McKinsey Global Institute suggests that artificial intelligence in one form or the other could be adopted by around 70 percent of the companies by 2030, which could boost annual GDP growth by 1.2 percent for at least the next decade.

With the potential to add another $13 trillion in global economic activity by 2030, AI could just replicate the stellar growth delivered by other revolutionary technologies such as the steam engine, reports CNBC.

The analysis comes on the heels of another study by the Inter-American Development Bank, which claimed that Latin American and the Caribbean economies can benefit in trade negotiations with the help of AI and translate the advantage into one additional percentage point of growth, notes Curacao Chronicle.