Quantifying the Impact of AI on the Global Economy with Focus on Kuwait and USA

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KUWAIT CITY, Sept 5: KUWAIT CITY, Sept 5: The Chargé d’Affaires of the US Embassy in Kuwait James Holtsnider expressed his appreciation and gratitude to the visit of the Principal Deputy Assistant Secretary of State in the Office of Arms Control, Verification and Compliance Paul Dean, who held distinguished meetings with the Kuwaiti side for enhancing cooperation in areas related to systems and legislation on artificial intelligence, especially in the weapons sector, reports Al-Anba daily. He said, “Artificial intelligence has contributed to changing the world around us.

Everyone needs to know how to deal with this technology and cooperate together to obtain the best results. Kuwait is a major partner for us, so it is important for us to share our experiences with such technology.” Regarding whether they fear artificial intelligence technology being infiltrated by terrorists, Holtsnider said, “This is one of the reasons that prompted us to hold such conversations with our friends who have the same ideas and are working in a responsible manner to develop legislation and regulations that will prevent terrorists and criminals from misusing this innovation.

Artificial intelligence plays a role in changing our lives for the better and is spread throughout the world, but we still do not know how it will change our lives.” Regarding the latest developments in removing the names of Kuwaitis from the terrorist list, Holtsnider said, “I do not have any new information about this matter.” Regarding the arrival date of the new ambassador, he said, “She will begin her work on September 5. She needs one vote from the Senate so that she can come to Kuwait and carry out her work duties.”

The global Artificial Intelligence (AI) economy is expected to exceed USD 34 trillion by 2027, according to a new report published Tuesday from an anlaytics center studying the impact of the emerging market on global economic growth. The report, published by AI Industry Analytics (AiiA), a specialised subsidiary of Deep Knowledge Group, focused on market intelligence and analysis of the AI industry, providing a clear indication that the global AI-based economy is poised for substantial and dynamic growth in the coming years, in terms of AI’s impact on the global economy.

The report represents the first-of-its-kind comprehensive assessment of the Global AI economy within the scope of the “rapidly evolving” AI landscape, delivering quantitative and tangible insights to industry stakeholders and decision-makers. The impact of the AI market was assessed in publicly- traded corporations, private companies, investors, hubs and government-funded projects, as outlined in the detailed report, allowing for a more pragmatic assessment of the true impact of AI on the global economy and a more data-driven understanding of the actual size of the global AI industry, the report said.

To develop these estimates, AiiA utilized AI algorithms to map the entire global AI market, profiling 50,000 companies, 20,000 investors, 2,000 AI leaders, 2,500 R&D hubs and 300 government organisations by adapting, retuning and building upon techniques and analytical frameworks previously developed by Deep Knowledge Group for its assessments of AI’s impact in multiple industrial and regional domains. Having developed the methodological foundations for these analyses over the past decade, and having further refined their application to specific AI industrial domains over the past five years, the Group found itself uniquely equipped in 2023 to turn its attention to dedicated AI Industry analytics, it said.

This first iteration in an ongoing series of Global AI Economy Size Assessments undertaken by AiiA adds substance and depth to something that we all know, and which has become very obvious to the general public in recent months: that AI is here to stay, and will be witnessing both unprecedented levels of growth as well as driving the expansion, disruption, modernization and diversification of countless other industries caught in its wake. These kinds of assessment lay the groundwork for the important process of AI industry structurization and commoditization, which will be required to leverage AI’s true potential, de-risk investments, unlock capital, and bridge the gaps between tech industries, added the report.

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