Singapore's economic growth rate could nearly double by 2035 with artificial intelligence: Accenture

Singapore’s economic growth rate could nearly double by 2035 with artificial intelligence: Accenture

SINGAPORE – Artificial intelligence (AI) could nearly double Singapore’s annual economic growth rates by 2035, according to research by global professional services firm Accenture. The research also found that Singapore is at the forefront to integrate innovation and technologies into the wider economy, ahead of the largest economies in the world such as the US, Germany, UK & Japan. Accenture Research, in collaboration with Frontier Economics, modelled the impact of AI in 33 economies that together generate more than 80 per cent of the world’s economic output. The research compared the size of each country’s economy in 2035 in a baseline scenario, which shows expected economic growth under current assumptions, and an AI scenario which shows expected growth once the impact of AI has been absorbed into the economy. AI was found to yield the largest uplift in economic growth for Singapore, potentially increasing its annual growth rate from 3.2 per cent to 5.4 per cent by 2035, translating to an additional US$$215 billion in gross value added (GVA). Get The Straits Timesnewsletters in your inbox This is ahead of other large economies such as the United States, with AI potentially adding US$$8.3 trillion in GVA by 2035, increasing its…


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