Established metrics such as gross domestic product (GDP) can tell you at a glance which are the world’s largest economies. But, according to a new report, they won’t tell you which ones are most likely to succeed in a new AI-driven world.
That prize is likely to go to the country, or countries, that are making the right strategic investments now. Those investments are focused on equipping their citizens, businesses and institutions with the tools, technology and training needed for AI.
While the world’s two largest economies – the United States and China – look likely to dominate the AI race, some smaller nations could start to make an impact on the global AI stage.
These are some of the conclusions of an analysis carried out by Tortoise Intelligence into the AI investments made by a group of 54 countries.
To date, the US has spent far more than any other country on AI. But a large part of that is made up of investments into privately owned AI businesses; it is not necessarily a sign of a coherent nationwide AI strategy. To see evidence of that, you need to look to China.
China may be in second place right now, but its government-driven industrial policies have committed to a level of AI spending this decade that will eclipse the US.
According to Tortoise, the value of China’s AI spending plans are “one-and-a-half times greater than every other country in the world – combined”. It already spends more than the US on AI research.
The “rising stars” are an even more interesting collection. They won’t be found in the Top 10 of economies based on GDP, but they have a solid talent base and are demonstrating excellence in research.
Singapore, Israel, Ireland and Finland are all in this group, along with Australia, Denmark and Switzerland.
These countries are likely to remain middle-ranking AI economies, but for some smaller nations like those in the Nordics, this could be an opportunity to leapfrog to a much higher spot in the global power league.
Source: World Economic Forum