#economic-transformation

#economic-transformation

It's pretty unlikely a five-year-old today will be looking for a job. The need to work will go away. People will still work on the things they want to work on, not because they need to work. Rapid advances in AI and robotics will make most labor effectively free within 15 years, creating an era of extreme abundance and lower prices.

It's pretty unlikely a five year old today will be looking for a job. The need to work will go away. People will still work on the things they want to work on, not because they need to work.

When I last spoke in this chamber 12 months ago, I had just inherited a nation in crisis with a stagnant economy, inflation at record levels, a wide open border, horrendous recruitment for military and police, rampant crime at home and wars and chaos all over the world. But tonight, after just one year, I can say with dignity and pride that we have achieved a transformation like no one has ever seen before and a turnaround for the ages.

The global challenges of today, from climate-fuelled floods, droughts and heatwaves to food insecurity and health disparities, are felt intensely in Africa. To tackle those, universities on the continent must strengthen their research and innovation capacity. On average, African countries spend around 0.5% of their gross domestic product on research and development. That's less than one-quarter of the global average of 2.7%.

The Machine Economy represents not just process optimization but a profound shift in the underlying forces that drive economics, as machines take more control over economic functions.

The man commanding all this attention was Mahathir Mohamad, 99, who served more years as prime minister than anyone in Malaysia's history.