Thanks to teh combination of “Robot X“, energy conservation and AI, experts estimate that the results generated by the private sector over the next 5-10 years will not be $10 trillion, but estimates are $200 trillion. President of the Central Bank Martin Galstyan announced at the conference entitled “Artificial Intelligence for Business”.
“As of now, we are talking about 13 trillion in the general stock market, in the next 10 years, as a result of the combination of these functional platforms, we will have 200 trillion,” he said.
Martin Galstyan gave an example that self-driving taxis will be a 10 trillion dollar business in the next 5 years only as a result of the combination of these three technologies.
“According to the theory of classical economics, all economic growths can go up quickly due to innovation, but over time they will return to the normal average, and this is the first time that economists say that there is an opportunity to make growth exponential and lasting,” he said..
The President of the Central Bank noted that there is currently only one recipe for RA. ”It is the formation of the agenda through political and economic leadership, but the agenda should be very broad. Not a narrow government or business agenda, but a pan-Armenian agenda in which everyone, including the scientific community, will participate.”
What are the key sectors poised for growth due to AI and technological innovations as discussed in the interview with Martin Galstyan?
Interview: Exploring the Future of AI and Economic Growth with Martin Galstyan
Time.news Editor (TNE): Welcome,Martin Galstyan,President of the Central Bank. Your recent comments at the “Artificial Intelligence for Business” conference have certainly stirred interest in the economic implications of AI. Can you explain how you arrived at the staggering $200 trillion estimate for the next 5-10 years?
Martin Galstyan (MG): thank you for having me. The $200 trillion estimate arises from a revolutionary combination of technologies, specifically “Robot X,” energy conservation, and AI. This synergy is expected to dramatically enhance productivity across sectors, thus unlocking unprecedented economic growth.
TNE: That’s remarkable. You mentioned that self-driving taxis alone could generate a $10 trillion market in just five years. What other sectors do you see significantly impacted by these technologies?
MG: Absolutely. Beyond autonomous vehicles, we expect to see monumental growth in logistics, healthcare, and smart infrastructure. The integration of AI in these areas can transform operations, cut costs, and provide better services, contributing greatly to the overall economic output.
TNE: You referred to classical economics in your conference talk. How do you believe current technological innovations will defy traditional economic growth models?
MG: Traditionally, classical economics posits that growth becomes stagnant as innovations mature. However,this time,we have the opportunity for exponential and sustainable growth,unlike anything we’ve witnessed before. the rapid advancements in technology can create continuous cycles of innovation, supporting lasting economic expansion.
TNE: You also highlighted the role of political and economic leadership in shaping the future agenda. What steps should be taken to ensure that the benefits of these innovations are widely shared?
MG: It’s essential to form a broad pan-Armenian agenda that involves all stakeholders—government, businesses, and the scientific community. We need a collaborative approach that fosters innovation while providing support and training to ensure that everyone can participate in this new economy.
TNE: For our readers, what practical advice would you offer to businesses looking to leverage AI and related technologies?
MG: Businesses should prioritize investment in AI capabilities and energy-efficient technologies now. Collaborate with tech innovators and invest in employee training to harness these tools effectively.Moreover, it’s crucial to stay informed about policy developments that could impact your industry, as proactive adaptation will be key to thriving in this evolving landscape.
TNE: Martin, thank you for your insights. As AI continues to reshape industries, it will be captivating to see how these projections unfold and what they mean for the global economy.
MG: Thank you for the opportunity to discuss these vital topics. The next few years will be pivotal, and it’s up to all of us to navigate this transformative phase wisely.