Lifelong learning key to relieving the threat of AI, says report
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Lifelong learning key to relieving the threat of AI, says report

Lifelong learning key to relieving the threat of AI, says report

A recent Bloomberg survey reveals optimism by respondents for the role that technology will play in the economy; 39% of global respondents agree that Beijing will be the world’s top tech city by 2035.

  • Faced with a series of predictions about the world in 2035, the survey revealed sentiment from business professionals from emerging and developed economies on a range of issues including the role of technology, urbanization and climate change
  • “It is noteworthy that emerging economies are more optimistic than developed markets about the power of technology to shape a better world by the year 2035" - Andrew Browne, editorial director of the Bloomberg New Economy Forum
  • “Developing countries in general see technology more as an opportunity while the developed world has a greater sense of technology as a threat"

Bloomberg this week released findings of its New Economy global survey, which gathered the views of 2,000 business professionals in 20 markets on what the future will hold as the balance of global power shifts towards new economies. Faced with a series of predictions about the world in 2035, the survey revealed sentiment from business professionals from emerging and developed economies on a range of issues including the role of technology, urbanization and climate change.

Overall, data shows that emerging country business professionals are more optimistic than developed markets about change and have markedly higher expectations for the role that technology will play in the economy, business and daily life in the decades to come.

“It is noteworthy that emerging economies are more optimistic than developed markets about the power of technology to shape a better world by the year 2035,” said Andrew Browne, editorial director of the Bloomberg New Economy Forum. “Developing countries in general see technology more as an opportunity while the developed world has a greater sense of technology as a threat.”

Among the key takeaways from the survey:

Middle East insights (Egypt / Saudi Arabia / United Arab Emirates)

·33 percent of Middle East respondents, higher than the global average of 28 percent, strongly agree or agree with the prediction that ‘OPEC has been disbanded’.

·65 percent of Middle East respondents, higher than the global average of 54 percent, strongly agree or agree with the prediction that ‘China and India have eclipsed the U.S. as the world’s center of tech innovation’. 

Read: 98% of UAE businesses have yet to get the full value out of AI

KEY INSIGHTS – UNITED ARAB EMIRATES

  • 54 percent of United Arab Emirates respondents, lower than the global average of 68 percent, strongly agree or agree with the prediction that ‘The next world war is a cyber war, as national security increasingly is defined by advancements in Artificial Intelligence, next generation 5G mobile networks, and quantum computing’. 

  • 59 percent of UAE respondents, higher than the global average of 54 percent, strongly agree or agree with the prediction that ‘China and India have eclipsed the U.S. as the world’s center of tech innovation’. 

  • 62 percent of UAE respondents, higher than the global average of 57 percent, strongly agree or agree with the prediction that ‘From the Middle East to South Asia, the liberation of women is leading to an economic renaissance in the developing world’. 

  • 61 percent of UAE respondents, just lower than the global average of 64 percent, strongly agree or agree with the prediction that ‘Lifelong learning, often delivered via mobile technology, is helping workers across the globe successfully adapt to the job market challenges proposed by Artificial Intelligence’. 

  • 57 percent of UAE respondents, higher than the global average of 50 percent, strongly agree or agree with the prediction that ‘Self-driving car shares are more common than individually owned automobiles’.

Global insights:

·Globally, 54 percent of respondents strongly agree or agree that by 2035, China and India will have surpassed the U.S. as the world’s centers of tech innovation. A substantial percentage (49 percent) of respondents in developed markets including U.S. respondents strongly agreed or agreed with the prediction that China and India will eclipse the U.S. in technology. Even more (59 percent) respondents in emerging markets are betting that China and Indian will dominate the sector by 2035. Among the highest were South Africa (73 percent strongly agree or agree), Egypt (69 percent strongly agree or agree) and Saudi Arabia (67 percent strongly agree or agree). Chinese respondents were more conservative about the prospect of China and India surpassing the U.S. in technology, with just 40 percent strongly agreeing or agreeing.

39 percent of global respondents believe that Beijing will be the world’s top tech city by 2035, with more respondents (45 percent) in emerging markets strongly agreeing and agreeing than in developed markets (31 percent).

Read: Two independent reports show AI a central investment vehicle for the UAE and region

·There is strong global consensus that if there is another world war, then it is likely to be a cyber war. Globally, 68 percent of respondents strongly agree or agree with this prediction. There is more fear of this from emerging countries (72 percent strongly agree or agree) than from developed countries (where 61 percent strongly agree or agree), but concern runs high around the world.

·Respondents in Asia believe self-driving cars will be more common than individually owned automobiles in 2035. While respondents in China (70 percent), Vietnam (69 percent) and India (65 percent) strongly agree or agree that self-driving cars will dominate the automobile market, there is disagreement on this point in Western countries with strong automotive industries, including the United Kingdom (38 percent strongly disagree or disagree), United States (36 percent strongly disagree or disagree) and Germany (35 percent strongly disagree or disagree).

·The majority of business professionals across the world agree that by 2035, we will be reaching the point of no return on climate change. 58 percent globally strongly agree or agree, with sentiment running strongest in developed economies such as United Kingdom (64 percent), France (63 percent) and Germany (59 percent). 52 percent of global business professionals also agree that rising sea levels will have already wiped the first low-lying country off the map by 2035.  

·Around the world, there is a building consensus that cash is on the way out -- Globally, 52 percent of respondents strongly agree or agree that the G-10 will no longer use cash as a medium of exchange in 2035. Emerging countries are slightly more likely (54 percent strongly agree or agree) to predict this change than the developed countries (48 percent strongly agree or agree).

·Despite fears that AI will destroy manual jobs, a majority around the world say lifelong learning can mitigate the threat – That sentiment is especially strong in the emerging economies, where 72 percent strongly agreed or agreed that lifelong learning,often delivered via mobile technology, will be a successful method of countering challenges to the job markets proposed by AI.

Read: The raging battle between Good and Bad AI in cyber security

Tom Orlik, Bloomberg's Chief Economist said: “What’s palpable on the streets of Beijing and New Delhi is also evident in the results of the survey – professionals in the new economies are clear sighted on the shift in the center of global economic gravity. As they move to seize the opportunities represented by new markets and new technologies, the flow of talent and capital will accelerate the new economies' rise.”

The 2019 New Economy Forum will be held in Beijing on November 20-22 on the shores of Yanqi Lake. Nearly 500 of the world's most influential business executives, technology innovators, government officials, experts and academics from over 60 countries and regions will gather in Beijing to propose solutions to disruptions from the shift to the new economy.

Author
AMEinfo Staff

AMEinfo staff members report business news and views from across the Middle East and North Africa region, and analyse global events impacting the region today.

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