Science & Technology

Gordon Brown Says About AI’s Ability to Save Economy From Low Growth

Former British Prime Minister Gordon Brown said that artificial intelligence can be a salvation for the global economy, which will save this sphere from a decade of low growth.

Gordon Brown Says About AI's Ability to Save Economy From Low Growth

Last Monday, September 25, the former Prime Minister of the United Kingdom said that currently, the global economic system is on the way to a decade during which there will be a slow growth dynamic. He noted that this scenario will not be implemented, and the future in its material aspect will be more favorable if artificial intelligence provides a surge in production. According to Gordon Brown, AI has the potential to transform the state of affairs in a number of industrial sectors.

In the opinion of the former Prime Minister of Great Britain, as a result of the development and integration of machine intelligence into various areas of activity, the professions of accountant, lawyer, doctor, and teacher will no longer be the same.

Currently, the United Kingdom is preparing to host a global summit on artificial intelligence, which is scheduled for November this year. The event will bring together representatives of different countries and technology companies. During the summit, options for maximizing the benefits of artificial intelligence will be discussed. At the same time, attention will be paid to the risks associated with the large-scale integration of digital intelligence into the space of human life. In this context, the problems of using AI as a means of spreading false information will be considered. Separately, the summit participants will discuss advanced technology as a tool for election interference.

UK Science, Innovation, and Technology Secretary Michelle Donelan says that the country will strive to ensure that an agreement on a common approach to advanced technology is signed following the results of the event scheduled for November. According to her, mutual understanding will be reached between the countries on their concept of vision of how artificial intelligence should develop and spread. The minister also counts on an agreement between the companies providing for a single or similar approach to AI. Michelle Donelan says that it is necessary to install something like a fire alarm system so that firms not only identify risks, but also respond to them.

Gordon Brown, along with Allianz SE Chief Economic Adviser Mohamed El-Erian and economist Michael Spence are calling for global coordination that will overcome crises related to climate, health, and financial stability. According to the former Prime Minister of the United Kingdom, none of these problems can be solved without actions approved by all parties at the global level. At the same time, Gordon Brown said that protectionism and isolationism should be avoided in the context of these efforts.

Former British Prime Minister, Mohamed El-Erian and Michael Spence say that global institutions, including the International Monetary Fund, the World Bank, and the World Trade Organization, should be reformed. In their opinion, this point of view is justified by the fact that it is necessary to increase the level of ability to prevent crises and resolve them. Mohammed El-Erian says that there is no silver bullet in this case. According to him, it is necessary to lay the foundation that will turn vicious cycles into virtuous ones.

At the same time, a new concept for the prevention of crisis situations in the economic environment should be approved after people vote for it. Gordon Brown says that there is a movement against the so-called negative sport, which may be the result of the actions of politicians.

As we have reported earlier, Fujitsu to Test Use of Generative AI for Banks.

Serhii Mikhailov

2273 Posts 0 Comments

Serhii’s track record of study and work spans six years at the Faculty of Philology and eight years in the media, during which he has developed a deep understanding of various aspects of the industry and honed his writing skills; his areas of expertise include fintech, payments, cryptocurrency, and financial services, and he is constantly keeping a close eye on the latest developments and innovations in these fields, as he believes that they will have a significant impact on the future direction of the economy as a whole.