Rise of machines could hit the UK economy the hardest

DataIQ News

The rise of artificial intelligence and machine learning is already proving a boon for data science but a new report has warned that the UK economy would be the worst hit of any in the world if the UK Government fails to provide enough support to the changes in the economy.

Data privacy and sharing are the two top concerns which stand between a thriving digital nation and an information-insecure society, the Economist Intelligence Unit study claims.

"Risks and rewards: Scenarios around the economic impact of machine learning", sponsored by Google, ran three econometric scenarios to 2030 on five countries - the US, the UK, Australia, Japan, and developing Asia as a whole.

It found that Australia’s economy will benefit the most from machine learning under scenarios which assume an "upskilling" of the labour force and greater investment in technology.

However, the UK economy would be the worst hit, averaging negative growth, under the scenario that assumes insufficient policy support to address structural changes in the economy.

Globally, the energy market is set to be the sector most affected by machine learning, as pricing systems could cope better with changeability in the weather. Healthcare was also determined “ripe for AI”, with drug development already seeing marked improvement due to machine learning.

Chris Clague, the editor of the report, said: "The debate over the impact of machine learning, and artificial intelligence, is an important one and like all important debates, it needs to be reasonable and informed.

“Our objective with this report is to help with that cause by charting a path between the techno-utopians who believe these technologies will solve all the world’s problems and the pessimists who warn that they are dooming us to a jobless, dystopian future.”