AI likely to double Singapore's economic growth rate by 2035: research

Source: Xinhua| 2017-07-20 20:18:15|Editor: ying
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SINGAPORE, July 20 (Xinhua) -- Artificial intelligence (AI) could nearly double Singapore's annual economic growth rates by 2035, the Straits Times reported on Thursday, quoting a research released by global professional services firm Accenture.

The research said Singapore is at the forefront to integrate innovation and technologies into the wider economy, ahead of the major economies in the world such as the United States, Germany, Britain and Japan.

It said AI will yield the largest uplift in economic growth for Singapore, potentially increasing its annual growth rate from 3.2 percent to 5.4 percent by 2035, translating to an additional 215 billion U.S. dollars in gross value added.

The research added that AI will increase labour productivity by 41 percent by 2035 in Singapore, the highest among all developed economies. That is because AI technologies can enable people to make more efficient use of their time and do what humans do best, which are create, imagine and innovate new things.

"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 labour shortages," said Lee Joon Seong, managing director, Asean Accenture Analytics Lead.

He said the combinational effect of AI, cloud, sophisticated analytics, robotics and other emerging technologies is already starting to change how work is done by humans and machines, and how organisations interact with consumers in startling ways.