Proceedings of the International Conference on Innovation & Entrepreneurship in Computing, Engineering & Science Education (InvENT 2024)

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Does Artificial Intelligence Really Improve the World’s Economy? Evidence from Cross Country-level Data

Authors
Andryan Setyadharma1, *, Nur Rahaddatul Aisyi1
1Faculty of Economics and Business, Universitas Negeri Semarang, Semarang City, Central Java Province, Indonesia
*Corresponding author. Email: andryan@mail.unnes.ac.id
Corresponding Author
Andryan Setyadharma
Available Online 1 December 2024.
DOI
10.2991/978-94-6463-589-8_41How to use a DOI?
Keywords
Artificial Intelligence; Economic Growth; Correlation; Regression
Abstract

The rapid development of artificial intelligence (AI) raises important questions about whether AI has an impact on the countries’ economies or not. Some believe that AI could increase productivity and boost economic activities. However, AI also potentially replaces human’s jobs, increases unemployment and other severe impacts on economic activities. Therefore, understanding the impact of AI on overall country’s economic growth remains a challenge. This study emphasizes the impact of AI on countries’ economic growth in two ways: first, we look at the relationship between AI and economic growth with correlation analysis. Second, we conduct a regression method to assess the impact of AI on economic growth. This study uses data from 160 countries from 2020 to 2023. The Government AI Readiness Index by Oxford Insights is used as a proxy for AI variable and Real gross domestic product (GDP) growth is used as a proxy for economic growth. This study reveals that, contrary to current belief, there is no relationship between AI and economic growth. This study also does not find any impact of AI on economic growth. In conclusion, it seems that the disadvantages of AI outweigh the advantages so there is still no evidence to support the significant impact of AI on economic growth.

Copyright
© 2024 The Author(s)
Open Access
Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

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Volume Title
Proceedings of the International Conference on Innovation & Entrepreneurship in Computing, Engineering & Science Education (InvENT 2024)
Series
Advances in Computer Science Research
Publication Date
1 December 2024
ISBN
978-94-6463-589-8
ISSN
2352-538X
DOI
10.2991/978-94-6463-589-8_41How to use a DOI?
Copyright
© 2024 The Author(s)
Open Access
Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

Cite this article

risenwbib
TY  - CONF
AU  - Andryan Setyadharma
AU  - Nur Rahaddatul Aisyi
PY  - 2024
DA  - 2024/12/01
TI  - Does Artificial Intelligence Really Improve the World’s Economy? Evidence from Cross Country-level Data
BT  - Proceedings of the International Conference on Innovation & Entrepreneurship in Computing, Engineering & Science Education (InvENT 2024)
PB  - Atlantis Press
SP  - 452
EP  - 457
SN  - 2352-538X
UR  - https://doi.org/10.2991/978-94-6463-589-8_41
DO  - 10.2991/978-94-6463-589-8_41
ID  - Setyadharma2024
ER  -