Microsoft Predicts AI To Generate USD15.7 Trillion Globally By 2030
Microsoft, a multinational technology corporation, on Thursday said that Artificial Intelligence (AI) could potentially contribute up to USD15.7 trillion to the global economy by 2030.
Theo Watson, a Commercial Lawyer at Microsoft Africa, shared this insight during his presentation titled ‘AI Opportunity in Africa’ at the African AI Journalists Academy via Microsoft Teams.
Highlighting the potential benefits of AI for Africa, Watson pointed out that out of the projected USD15.7 trillion, USD1.2 trillion could be generated within Africa.
He emphasized that this amount could represent a 5.6 percent increase in the continent’s GDP by 2030.
However, Watson stressed the importance of responsible regulation of AI to maximize its opportunities and benefits.
He stated that as the world embraces the AI-powered future, our journey should be guided by responsible and sustainable innovation.
This approach, he argued, would ensure that AI progress in the region aligns with human values and societal norms.
“Responsible and sustainable innovation will ensure that AI progress aligns with the needs that define Africa’s vastly diverse cultures.
“This involves a deep engagement with the continent’s unique challenges, recognising their complexity and prioritising those that AI can help solve.
“Also, collaborating with relevant stakeholders will be key to ensuring that AI solutions are not just technologically advanced but also culturally attuned and genuinely beneficial to Africa societies,’’ the lawyer said.
Also Read: Microsoft announces principles to foster AI innovation
Watson emphasized the importance of trust and security, highlighting Microsoft’s responsible AI journey since 2016.
He outlined Microsoft’s AI principles encompassing fairness, rehabilitation, safety, privacy, security, inclusiveness, transparency, and accountability.
During the webinar, Akua Gyekye, Government Affairs Director at Microsoft Africa, noted the rapid transformation of industries and evolving drivers of economic growth.
Gyekye emphasized technology’s role in addressing socioeconomic challenges in areas such as health, education, and agriculture, with tangible impacts.
She cited the example of the eThekwini Metropolitan Municipality in South Africa, which utilizes AI to minimize water wastage and deliver innovative water and sanitation services to its expanding population.
“Farmers in Nigeria and Kenya are getting customised advice on farming based on AI, advice on soil and weather data.
“This helps them to make evidence- driven decisions and increase yields using technology to do the research and help find the right use of AI to boost productivity of their workforce,” she said.
However, Gyekye underscored certain guidelines for governing AI that could expedite opportunities in Africa. She pointed out the importance of promoting transparency and ensuring both academic and public access to AI.
Furthermore, Gyekye emphasized the necessity of implementing safety measures for AI systems that manage critical infrastructure.
She also advocated for the formation of new public-private partnerships to harness AI as an effective tool in addressing the societal challenges that inevitably arise with new technology.
“Grounded in responsible regulation and collaborative partnerships, Africa can fully realise the opportunities presented by a future with AI.
‘‘Microsoft believes that when you create powerful technologies, you also must ensure that the technology is developed and used responsibly,” the director said.
NAN
