Azerbaijan banking on substantial boost to its economy from AI by 2040

BAKU, Azerbaijan, March 5. Artificial
intelligence (AI) is predicted to bring nearly 70 billion manat
($41 billion) of new added value to the Azerbaijani economy by
2040, Executive Director of the Center for Analysis and
Coordination of the Fourth Industrial Revolution (C4IR) under the
Ministry of Economy Fariz Jafarov said at a forum titled “Looking
to the Future in the Tax System: New Governance Model and
Data-Driven Decisions” in Baku, Trend reports.

"The leading driver and technology of the 4th Industrial
Revolution is AI. Artificial intelligence is projected to have an
impact of $22 trillion on the global economy by 2040. If we make a
similar calculation for Azerbaijan, it's predicted that AI will
create approximately 70 billion manat of new added value for the
country's economy by 2040. This means that by applying artificial
intelligence technologies in various fields of industry, we can
save money, increase efficiency, and use resources more
efficiently," he noted.