Abstract
The profound impact of Artificial Intelligence (AI) on the global economy spans a diverse spectrum of consequences, with Cognitive Computing emerging as a catalyst for significant economic advancement. This transformative force notably augments productivity nurtures innovation, and contributes to worldwide economic expansion. Its influence is conspicuous across healthcare, finance, and manufacturing sectors, where intelligent systems optimize processes and ignite imaginative thinking. Moreover, AI plays a pivotal role in globalization, fortifying international competitiveness and enabling seamless worldwide economic integration. This chapter embarks on a journey to elaborate on the extensive economic impact of AI advancements, deftly navigating the intricate implications of cutting-edge technologies. We unravel AI’s role as a catalyst for heightened productivity and enhanced decision-making, skillfully addressing ethical and regulatory challenges. Shifting focus to economic growth and productivity, our exploration delves deeply into AI’s transformative influence in improving operational efficiency and fostering innovation on a global scale. The narrative then seamlessly transitions to labor market dynamics, unveiling evolving employment patterns and emphasizing the collaborative potential between humans and AI while thoughtfully integrating ethical considerations. Adopting a sector-specific lens, our narrative investigates AI’s pervasive influence across diverse industries, showcasing its impact from manufacturing automation to healthcare innovations and sustainable practices. This chapter is a holistic guide, offering nuanced insights into the multifaceted dimensions of AI’s economic impact. It ensures a comprehensive understanding of the evolving economic landscape shaped by artificial intelligence in this scientific survey.