American economist Lawrence H. Summers has stated that global economic growth is about to undergo a significant change due to artificial intelligence (AI) and technological progress, while also warning about the risks of unregulated technology. Speaking at the 60th anniversary celebration of the Delhi School of Economics, Summers pointed out that technological developments are likely to play a major role in shaping economic history in the next several decades. He noted, “We might be approaching another transformative change with the rise of artificial general intelligence,” characterizing AI as “the first technology that is, in a deep sense, self-improving.” Unlike earlier innovations such as electricity or fire that needed human involvement for enhancements, AI has the ability to improve on its own, potentially resulting in rapid progress, he noted. Summers also commended India’s economic transformation, pointing out its increasing impact worldwide. “The remarkable shift in India is evident in how India is now working to reform the World Bank instead of the other way around,” he commented. He highlighted India’s achievement in revitalizing its economy by promoting private sector initiatives. “He said that reducing unnecessary regulations and the demand for various permits can help speed up the spread of technology.”
