New WEF report outlines path to inclusive economic growth

The World Economic Forum today released a new report outlining how to leverage artificial intelligence to drive inclusive economic growth and social progress. The report points out that while AI has the potential to reshape economies and societies, ensuring its benefits are shared equitably remains a major global challenge. This report provides leaders with strategies to address equity issues, aiming to tailor AI to local needs and promote sustainable, long-term economic growth for all.

This report, titled "Blueprint for Smart Economies," developed by the World Economic Forum in collaboration with KPMG, proposes nine strategic objectives to support all stages of the AI journey—including innovation, development, deployment, and adoption at the national, regional, and global levels. As part of the Forum's "Boosting AI Competitiveness through Regional Collaboration Initiative," the report aims to address inequalities in AI access, infrastructure, advanced computing, and skills. It offers actionable insights and showcases successful case studies to guide governments and other key stakeholders at different levels of AI maturity in fostering a more inclusive and resilient AI ecosystem globally.

Kathy Li, Head of Artificial Intelligence, Data and Metaverse at the World Economic Forum, stated, "Leveraging AI for economic growth and social progress is a shared goal, but countries and regions start from different points. This blueprint serves as a compass, guiding decision-makers to engage in impact-oriented collaboration and find practical solutions that fully unlock AI's potential."

The report emphasizes that designing national and regional AI strategies with the active participation of all stakeholders, including governments, businesses, entrepreneurs, civil society, and users, is crucial to meeting local needs. The report advocates for developing AI strategies in close collaboration with local communities, with the support of senior leadership. This approach helps address critical issues such as responsible governance, data privacy, and the local impact of AI policies on innovation and investment.

South Africa's Minister of Communications and Digital Technologies, Solly Malatsi, said, "The immense potential of AI remains largely untapped in many parts of the world. Building an inclusive and competitive AI ecosystem will be a priority for all countries. Collaboration among multiple stakeholders at the national, regional, and global levels is essential to promote growth and prosperity for all through AI."

The report draws on the experiences of global experts to provide tailored frameworks for countries at different stages of AI development. While each region faces unique challenges, the blueprint highlights the importance of learning from successful solutions elsewhere. For example, regional frameworks for sharing AI infrastructure and energy resources can help overcome national resource constraints, while centralized databases can create inclusive local datasets that reflect the needs of diverse communities. Public-private subsidies can also expand access to affordable AI-ready devices, helping local innovators adopt AI technology and scale their operations.

Hatem Dowidar, CEO of E&, stated, "All countries have a unique opportunity to drive their economic and social progress through AI. This requires conscious leadership from governments and the active participation of all stakeholders at every stage of the AI journey. Regional and global collaboration remains a fundamental way to address shared challenges and opportunities, ensure equitable access to critical AI capabilities, and responsibly maximize its transformative potential, thereby creating lasting value for all."

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