Artificial Intelligence Applications in Economics: Opportunities and Challenges

Abstract

Artificial intelligence represents the most important output of the Fourth Industrial Revolution due to the importance of its uses in many economic, social, technical and educational fields and the automation of various economic sectors in line with digital transformation. This research aims to shed light on artificial intelligence and know its applications, impact and repercussions on  the economy in various fields, as artificial intelligence has become included in many areas of life, and therefore most of the work will be through the smart device in the near future. The research problem was how to understand artificial intelligence as a modern technology that simulates human intelligence and how to face challenges and seize opportunities in the economic field to benefit in order to reduce risks in this field. The importance of this research is evident in the fact that artificial intelligence brought with it huge opportunities to promote economic growth and overcome traditional challenges. From a scientific point of view, despite the existence of studies that dealt with artificial intelligence, there is still a need for more studies in this field, especially in light of the competition between countries in allocating more resources and investments, this research is expected to be an addition in this field. As for the practical side:  This research and its results are expected to be beneficial to economic decision-makers. The research uses the descriptive  analytical approach, and relied on the questionnaire as the main tool to collect data from the research sample,  the research community  consists of workers in different economic sectors, the most important findings of the research are that artificial intelligence It contributes significantly to improving production efficiency in various economic sectors and that there is a strong positive relationship between policies supporting artificial intelligence and business efficiency, and that  the risks associated with data shortages and digital disparity negatively affect business efficiency, the most important recommendations in this research are that increasing investment in artificial intelligence to improve operational performance in institutions, and that organizations must Develop strategies to reduce job losses, enhance transparency in algorithms to avoid bias and improve confidence in AI applications.