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QNB: AI's Impact on Emerging Markets
A report by Qatar National Bank (QNB) states that artificial intelligence (AI) presents promising opportunities for emerging markets to boost growth and achieve development. However, it also imposes significant risks that require decisive action, including building digital infrastructure, developing data systems, and investing in skills. The organization predicts that the AI market will expand to approximately $4.8 trillion by 2033, offering substantial benefits in education, healthcare, and the financial sector. Nevertheless, these advancements could widen the economic gap between rich and poor countries, especially given AI's potential to improve access to services and expand digital activities, which are projected to be worth over a trillion dollars in 2024. At the same time, AI is expected to cause major disruptions in the labor market, with the International Monetary Fund estimating that around 40% of jobs in emerging markets are vulnerable to automation effects, particularly in sectors with routine tasks. This could lead to declines in employment and impact the performance of technology-driven markets.
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