Coronavirus and the surge of AI Economy
Recession, high levels of unemployment, and unprecedented debt levels worldwide are the by-products of the health crises caused by Covid-19 on the global economy.
The developing countries’ repayments on their public external debts alone will ascend to around $3 trillion as per the United Nations data presented in the years 2020 and 2021 alone. The World Bank has anticipated that the coronavirus shall push 40 to 60 million people into extreme poverty. Calls for transnational solidarity have so far delivered little valuable support and the magnitude of the risk of the country’s debt defaults and corporate bankruptcies and the human costs associated with it is whooping.
New economic growth models and AI (artificial intelligence) powered by 5G are progressively at the forefront as countries, companies, and individuals need to seriously reckon and get ready for the next post-Covid-19. The coronavirus recession is allowing more adoption of new business models that are controlled by AI. All the countries falling under the category of most valuable companies in the world use computational social science.
The inceptive development of AI has already affected several niche areas radically, but it now seems to impact just about all parts of the economy, and indeed all aspects of our lives. The heart-wrenching aspect of the global pandemic is that it is hitting Vulnerable people, Unskilled labor, and poorer countries at a larger magnitude. Furthermore, there is a transformation in the call centers, now AI Chat boxes are popping in to replace the human call center workers. While the call centers have been an edge of workplace automation, the pandemic has surged the process.
Nearly 38 million Americans have lost their jobs due to Covid-19 and some of these jobs might not be able to return, U.S. companies that are on the cutting edge of AI are only progressing ever more effectively. The 5 most valuable rated giants in the world are increasingly all AI companies. Facebook, Apple, Amazon, Netflix, and Google (Alphabet). In China, a similar situation, Baidu, Tencent, and Alibaba are all AI companies. Alibaba and Tencent regarding market capitalization are the most valued China domiciled companies, and both are cutting-edge AI companies. Whenever there is a major technological disruption, such as AI, it allows us to remake the world. AI is a very advanced technology, yes affecting both developed economies and developing economies. The advice to developing economies is to zero in on AI to strengthen a country’s vertical industries and invest in education because AI is still immature there.
In a new world of work, learning to effectively judge what machines can and cannot do and what they should and should not do will be a critical capability for workers and CEOs alike. In return, human strengths and competence will need to be incorporated into AI systems to assist workers partner more collaboratively with them.
There are still countless opportunities for every nation, company, and individual to learn more about artificial intelligence and to prepare but lack of preparation and complacency about AI like coronavirus complacency could be a deadly mistake.
