'AI could boost economy - with right funding'

An economist has said Artificial Intelligence (AI) could be used to boost the Jersey economy - if more funding is provided.

James Linder spoke at Digital Jersey's annual review on Thursday which focused on artificial intelligence and how it could be harnessed in the public and private sectors.

He said if the island wanted to "unlock future productivity growth" and experience AI's benefits, investment would also be needed "in skills development and innovation".

Digital Jersey chief executive Tony Moretta said AI was "shaping businesses and economies" and the island's approach to it was "absolutely fundamental to Jersey's future prospects".

Moretta added: "It's really important we get this right, in terms of boosting productivity and driving growth, and mitigating AI-related risks.

"That will take greater investment into digital technologies including AI, and a genuine commitment to driving up skills, otherwise we will fall behind."

Deputy Kirsten Morel, minister for sustainable development, said the government was part of the AI Council - which was set up in November to support how AI technology is implemented in Jersey.

He said the government had launched and supported "a range of digital-related projects with the goal of building a technologically advanced island economy".

Morel said: "There is no getting round the fact that AI is part of our future and we must all learn to embrace it with care.

"AI will bring challenges and benefits to islanders across multiple sectors, so the quicker we learn to adopt AI safely, the better it will be for businesses in Jersey."

Linder said the broader use of AI could boost the island's economy, but businesses must weigh those gains against the potential risks to employment.

He said: "We do have quite a tight labour market, we don't have enough, we have more jobs than there are people and as the population ages it'll put more pressure on the working age population as it is.

"With any technology, there are always some jobs which are lost, but history tends to show that more jobs are created than lost as a result of technology."

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