Artificial intelligence (AI) has been making waves in various industries, from healthcare to finance, and now it has the potential to greatly impact another crucial aspect of society – poverty. With the rise of AI, there has been a lot of speculation about its potential to create job displacement and widen the gap between the rich and poor. However, with the right approach and implementation, AI has the power to lift millions out of poverty and create a more equitable society.
One of the main reasons why AI can be the key to defeating poverty is its high profitability rate. According to a report by the McKinsey Global Institute, AI has the potential to generate over 13 trillion US dollars in economic value by 2030. This means that AI has the capability to create numerous job opportunities, especially in developing economies, and boost economic growth. With the right investments and policies in place, AI can contribute to the creation of a more robust and sustainable economy, which in turn can help reduce poverty levels.
Moreover, AI technology can also be used to improve the efficiency and effectiveness of various social welfare programs. By analyzing data and patterns, AI algorithms can identify those who are most in need and allocate resources accordingly. This can help governments and organizations optimize their resources and provide targeted aid to those who need it the most, leading to a more effective fight against poverty