The year 2024 witnessed a surge in technological advancements, with generative AI becoming a hot topic across industries such as retail, healthcare, logistics, and energy. According to Mirek Dusek, managing director at the World Economic Forum (WEF), humanity is now entering the “intelligent age,” marked by the rapid growth of technologies like artificial intelligence, quantum computing, and clean energy. Speaking to The National during a WEF event in Dubai, he referred to this period as a “technological renaissance.”

Dusek explained that the convergence of AI and other innovations is opening new doors in areas like energy production, sustainable fuels, and productivity gains. While generative AI has been grabbing headlines for its ability to create text, images, and videos, Dusek emphasized that AI has been evolving for years. He noted that the integration of AI with other technologies is reshaping industries and society.

AI’s economic potential is staggering. PwC estimates that AI could contribute up to $15.7 trillion to the global economy by 2030, surpassing the current output of China and India combined. Generative AI, a subfield of AI, is projected to grow at an annual rate of 37.6% between 2025 and 2030, according to Grand View Research. This technology is already used in software development, life sciences, healthcare, and finance, streamlining processes traditionally seen as time-consuming.

However, the rise of AI comes with its own risks. Issues like job displacement, intellectual property theft, misinformation, and national security concerns are significant challenges. Dusek stressed the importance of responsible AI development, saying that when done right, it could lead to dramatic improvements in productivity and economic growth.

Beyond technology, global economies are also being shaped by rising geopolitical tensions, trade wars, and political polarization. Dusek pointed out that armed conflicts and declining peace are dragging down economies and altering how businesses operate. He highlighted how multinational companies now factor geopolitics into their supply chain decisions, a shift that was not as prominent before the Covid-19 pandemic.

Dusek praised the UAE for its agile governance and its role as a model for adapting to 21st-century challenges and opportunities. He emphasized the importance of governments creating regulatory frameworks that allow them to remain competitive in a rapidly evolving global economy.

“If they are not nimble enough; if they do not have access to the full spectrum of information, the regulatory environment they create, it could set them back,” Dusek noted.