The world economy is battling an unprecedented war with a virus and its implication on global economic activities. To accelerate recovery, businesses and industry leaders are doubling their investment and research around artificial intelligence and machine learning development services. From creating new international trade opportunities to strengthening firm competitiveness, the world economy with AI and machine learning is effectuating adaptive solutions.
Let’s take a closer look at some of AI’s practical applications that will enable businesses to add a value of trillion to global output by 2030.
The Current State of World Economy 2020
In the face of swelling coronavirus cases and no vaccine yet in sight, the global economy is treading a downward spiral. According to the United Nations’ report, the devastating pandemic is projected to shrink the world economy by 3.2% in 2020. While the GDP in developed countries will nosedive to 5%, the world economy is expected to bear nearly .5 trillion of cumulative output losses in 2020 and 2021.
Baptizing the virus as the ultimate “black swan”, Rabobank Economic Research attributes the COVID-19 impact as worst as the global financial crisis of 2009.
With the global COVID-19 death toll slowing down, economic activities are gradually reopening to a new normal. However, businesses must be careful with every leap forward by strategically planning for-
a) Semi-permanent work from home
b) Limited travel and meetings
c) More of online interactions, and
d) Contactless delivery of goods and services to customers.
Brands, especially retailers have already begun to respond to the crisis by virtually connecting with their customers. From McDonald’s to Ford, brands are voicing their concerns and efforts to fight the virus through informative videos, social media messages, and campaigns.
However, the roadmap to resilience calls for consumers, businesses, and emerging technologies to be put together for building adaptive future solutions.
As a thriving provider of artificial intelligence services, Oodles AI highlights some effective ways to restore the world economy with AI and machine learning solutions.
Post-Corona Recovery of the World Economy with AI and Machine Learning
Artificial intelligence can significantly boost business productivity and the GDP growth of the global economy by increasing the value of services. With automation and remarkable data processing capabilities, AI will augment operational efficiency and business ROI with the following technologies
Virtual Assistance
Disrupting supply chains, shifting consumption patterns, and communication barriers have disabled businesses to maintain customer relations and continue trade. To combat these business challenges, AI is exhibiting human-like interaction capabilities with technologies such as Natural Language Processing (NLP).
In light of coronavirus, the healthcare industry is poised to benefit the maximum from virtual assistants and chatbot development services. Healthcare institutions grappling to serve a growing number of patients can deploy chatbots for
Learn more: World Economy with AI and Machine Learning Post COVID-19
