DMCC Forecasts AI's $15 Trillion Boost to Global Economy

Photo : Dubai Government Media Office

At the Singapore launch event for its latest biennial Future of Trade thought leadership report, DMCC, renowned as the world's flagship free zone and the Government of Dubai Authority on commodities trade and enterprise, emphasized the immense potential of artificial intelligence (AI) to contribute USD 15 trillion to the global economy. This forecasted opportunity arises from the widespread application and adoption of AI, particularly within highly tradeable sectors.

The report indicates that while global trade is projected to grow by 2.6% in 2024, the integration and expansion of generative AI, alongside a surge in e-commerce and digital services trade, will bolster global trade resilience in the foreseeable future. This transformative shift will revolutionize business operations, enabling companies to optimize supply chains, enhance efficiency, and cut costs through predictive analytics. Moreover, AI will provide data-driven market insights, facilitating the identification of new business opportunities, while AI-powered trade finance solutions will streamline transactions.

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The impact of AI will be most pronounced in sectors deeply entrenched in international trade, including computers, electronics, machinery, IT services, transport equipment, and electrical equipment. Notably, these sectors account for 90% of current AI-related patent filings, underscoring the significant role they play in driving AI innovation and adoption.

Global trade hubs such as the UAE and Singapore are poised to benefit from the AI-driven paradigm shift. With their advanced trade infrastructure, access to global markets, and innovation-friendly regulatory environments, these hubs are well-positioned to leverage AI's potential and enhance their influence in the global trade landscape.

During the event, H.E. Dr. Hamad Buamim, Chairman of the Board, DMCC, emphasized the transformative impact of technology on global trade, highlighting AI's pivotal role in fostering trade resilience. Feryal Ahmadi, Chief Operating Officer, DMCC, underscored the importance of embracing digital transformation and integrating AI into business operations to unlock growth opportunities and drive economic prosperity.

The event featured insights from DMCC's leadership, alongside contributions from business leaders and trade experts from organizations such as the International Chamber of Commerce and the Pacific Economic Cooperation Council. The Future of Trade report series, a flagship initiative by DMCC, explores the evolving dynamics of global trade, examining the influence of economic trends, geopolitics, technology, sustainability, and finance on the future trade landscape. With over 1.9 million views and downloads, the report series reaffirms DMCC's standing as a leading authority on international trade and commerce.

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