THE IMPACT OF FUTURE TECHNOLOGIES AND ARTIFICIAL INTELLIGENCE ON THE GLOBAL ECONOMY

Abstract

The accelerated development of future technologies and artificial intelligence (AI) profoundly impacts the global economic system, revolutionizing the functioning of corporations, governmental agencies, as well as private citizens' life and work. Technologies like machine learning, robotics, blockchain, cloud computing, biotechnology, quantum computing, and the Internet of Things (IoT) have become indispensable aspects of economic growth in both developed and underdeveloped countries. Technological innovations allow for raising productivity levels, promoting innovations, decreasing expenses and helping businesses to better compete in the international business environment. Artificial intelligence is an integral part of the contemporary technological landscape. The capabilities of intelligent machines and software systems include the analysis of vast amounts of data, identification of patterns, prediction of outcomes and performance of actions which usually can only be performed by human intelligence. Corporations widely employ AI to automate production processes, provide clients with adequate services, streamline logistics and make strategic decisions. Governmental agencies also utilize smart technologies in the spheres of health care, education, transportation and public management.