The rise of the machines is coming.
In technology-proficient Singapore, their integration into the economy could help the domestic growth rate to almost double and significantly lift labor productivity, according to a report by consultancy Accenture.
It found that artificial intelligence, once fully adopted, might lift Singapore’s annual growth rate to 5.4% in 18 years. That would be the largest increase among 33 countries studied and would translate into an additional $215 billion in gross value added. Without AI, the economy is predicted to expand 3.2%.
“As Singapore advances its smart nation vision, the adoption of AI will propel economic growth and potentially serve as a powerful remedy for stagnant productivity and labor shortages,” said Lee Joon Seong, Southeast Asia managing director of Accenture Analytics.