Seoul: Artificial intelligence (AI) has the potential to boost labor productivity in Asia-Pacific economies over the coming decade, the head of the Organization for Economic Development and Cooperation (OECD) said Wednesday, calling for strong policy support to expand access to related technology. Speaking at a session of the Asia-Pacific Economic Cooperation (APEC) CEO Summit, OECD Secretary-General Mathias Cormann said his organization estimates that AI will "contribute between 0.2 and 0.4 percentage point to annual labor productivity growth over the next decade."
According to Yonhap News Agency, the business-centric gathering ran parallel to the annual APEC forum's leader's summit, officially kicking off earlier in the day to explore pivotal issues, including AI, energy transition, and Korean soft power. "APEC economies have a number of assets to draw on -- integration into global supply chains, skilled populations, and strong digital connectivity," Cormann noted.
To fully realize the benefits of AI, Cormann stressed the need to broaden and deepen the diffusion and availability of AI technology, particularly for small and medium-sized businesses. The OECD chief also emphasized the necessity of ensuring affordable connectivity and fostering more competitive AI ecosystems to drive better services at lower prices.
Additionally, Cormann highlighted the importance of advancing international tax cooperation as a way to create a more predictable and stable environment for businesses. He also stressed the need to strengthen supply chain resilience and maintain rules-based international trade to mitigate risks arising from growing geopolitical and economic tensions.