According to the National Bank, AI is capable of achieving long-term productivity growth and improving our standard of living. For example, AI can contribute to higher productivity by automating tasks, analyzing large amounts of data, and freeing up employees’ time for more complex tasks.
The impact of artificial intelligence on employment is still being debated. For example, there is a risk that certain categories or skills of employees will be replaced by artificial intelligence. “However, studies indicate that the level of employment has remained stable despite its introduction,” NBB said. “While AI can outperform humans at certain tasks, humans still hold an advantage in soft skills in particular.”
To address AI challenges, policymakers can prioritize AI research and development, invest in infrastructure and talent, and establish a regulatory framework to boost innovation and reduce risks, according to the National Bank of Bahrain. In addition, they can also invest in software that teaches the skills required to work with AI. They can also establish ethical and regulatory frameworks for the development and deployment of AI, according to the National Bank of Bahrain.
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