ISLAMABAD-The Coordinator to Federal Tax Ombudsman and Chairman Kyrgyzstan Trade House Meher Kashif Younis Sunday underlining the vital importance said artificial intelligence (AI) is now need of the hour which has the potential to add upto 16 percent or about $13 trillion to the global economy by the year 2030 and additionally it could boost the global gross domestic product (GDP) by up to 26 percent. Speaking at a seminar on “The Role of Artificial Intelligence in Economy” held under the aegis of Gold Ring Economic Forum, a strategic think tank, he said artificial intelligence (AI) plays an increasingly important role in our lives and economy and is already having an impact on our world in many different ways. He said worldwide competition to reap its benefits is fierce, and global leaders like the US and Asia have emerged on the scene. He said AI is seen by many as an engine of productivity and economic growth. It can increase the efficiency with which things are done and vastly improve the decision-making process by analysing large amounts of data. He said it can also spawn the creation of new products and services, markets and industries, thereby boosting consumer demand and generating new revenue streams. On the other hand, it could lead to the creation of super firms, hubs of wealth and knowledge that could have detrimental effects on the wider economy and also widen the gap between developed and developing countries, and boost the need for workers with certain skills. The EU has potential to improve its standing in global competition and direct AI onto a path that benefits its economy, he said, adding that ultimately artificial intelligence is the need of the hour which must be promoted in all sectors to bring revolution in the country by taking all stakeholders into confidence for achieving desired result oriented targets.