AI offers 'lifeline' for emerging economies, World Bank says

Artificial intelligence could accelerate the development of emerging economies by a century in just a decade, according to a World Bank report. The report highlights the importance of addressing power, connectivity, and skills gaps to fully leverage AI's potential. While concerns about widespread job losses due to AI are less pronounced in emerging economies, the report emphasizes that the benefits and risks are largely similar to those in more developed nations.

By adapting low-cost AI tools to local conditions, emerging economies can improve access to essential services such as medical care, education, judicial services, and agricultural extension. Health workers may use AI for faster diagnoses, teachers can enhance lesson plans, and farmers can determine optimal planting strategies. The International Monetary Fund projects that AI could boost Sub-Saharan Africa's economy by 4% over the next decade, provided the right conditions are met.

However, the report warns that AI could exacerbate income inequality, spread misinformation, and facilitate political repression. The World Bank warns that emerging economies cannot afford to miss out on this development opportunity, as previous missed opportunities, like the first Industrial Revolution, have cost them dearly over the past two centuries.