According to a recent report from the United Nations Conference on Trade and Development (UNCTAD), artificial intelligence (AI) is set to catalyze significant digital transformation worldwide in the coming years. However, this advancement comes with potential consequences, as it may impact nearly 40 percent of jobs globally. The report highlights the remarkable potential of the AI market, predicting it could reach a staggering $4.8 trillion by 2033.

AI is rapidly reshaping various facets of daily life, bringing both transformation and apprehension. As AI-driven tools infiltrate traditional business processes, concerns surrounding their effects on the job market are intensifying. The ongoing discourse around whether AI is largely beneficial or detrimental will continue to evolve.

UNCTAD’s report emphasizes that the repercussions of AI could touch a substantial workforce segment, further necessitating an examination of its implications. Experts project that the global AI market will grow to $4.8 trillion, mirroring the size of Germany’s economy by 2033. The report notes that while AI holds promise for productivity improvements, it concurrently raises alarm over automation and job displacement.

Furthermore, concerns arise regarding the disparity it may create. Currently, just 100 companies, predominantly based in the US and China, represent 40 percent of global corporate research and development investment in AI. This concentration of power suggests that many nations, especially those in the global south, might lag in technological development, as they remain excluded from crucial AI governance discussions.

In light of the potential risks and rewards associated with AI, the UNCTAD report advocates for an inclusive approach to AI development. It stresses the importance of investing in reskilling and upskilling initiatives, coupled with equitable governance measures such as transparency in AI, shared infrastructures, and open-source models. The report concludes by urging for international cooperation to ensure that AI becomes a tool for innovation and prosperity, rather than a source of Division.