Prospects of Interfacing Emerging Digital Economy with Artificial Intelligence and Machine Learning Techniques

Michael Olajide1*, Adekola Ajayi2, Oluwagboyega Afolabi3, Oladoyin Abiodun4
1, 2Department of Computer Science, Adeyemi Federal University of Education Ondo, Nigeria
3New Mexico Military Institute, Rosewell New Mexico, USA
4Department of Computer Science, Lancaster University, Lancaster, England
DOI – http://doi.org/10.37502/IJSMR.2024.7910

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Abstract

In recent decades, global economies have undergone significant transformations, with technology playing a central role in shifting from human-driven processes to a mere 1% human involvement. Electronic devices, advanced algorithms, and specialized software have become crucial tools in managing economic issues across public and private sectors. These innovations stimulate economic governance at both local and international levels. The constant evolution of technology, coupled with past and emerging discoveries, poses challenges worldwide, prompting research and development efforts to fuse refined technologies for addressing economic issues. This paper outlines a study focusing on the essential principles shaping global economies in the last decade, the current scenario, and future prospects. Emphasis is placed on scientific innovations and their significance in the digital economy globally. The growing influence of artificial intelligence (AI) in fostering an intelligent economy is highlighted, along with the deployment of data analytics for generating accurate and reliable results from the data set obtained. We evaluate the GDP data of six continents (Africa, Europe, South America, North America, Asia and Australia) to enhance predictions, conceptual understanding, and heuristic decision-making. The study envisions using these technological advancements to evaluate and predict the performance of global economies efficiently. The study includes periodic decision-making strides, evaluations, and possible predictions for the future digital economy, utilizing results, especially focusing on the evaluation of the Gross Domestic Products (GDP) of different continents.

Keywords: Digital economy, Intelligent economy, Global economies, Artificial intelligence, Machine learning.

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