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Global AI market to reach $4.8 trillion by 2033, impacting 40% of jobs: UNCTAD
UNCTAD warns AI could affect 40% of jobs, boosting productivity but raising job displacement concerns.
NEW YORK, April 3: The United Nations (UN) has projected that the global artificial intelligence (AI) market could reach $4.8 trillion by 2033, equivalent to the size of Germany’s economy, raising concerns over the potential impact on jobs worldwide. According to a new report from the UN Conference on Trade and Development (UNCTAD), nearly half of jobs globally could be affected by the rapid advancement of AI.
While AI is seen as a transformative force that can drive economic growth and create opportunities, the report warns that the technology may also exacerbate existing inequalities. UNCTAD highlighted that AI could impact up to 40% of jobs globally, offering productivity gains but also raising significant concerns about automation and job displacement.
Historically, previous waves of technological advancements have primarily impacted blue-collar jobs. However, UNCTAD noted that AI is poised to affect knowledge-intensive sectors the most, making advanced economies particularly vulnerable. These economies, while more capable of leveraging the benefits of AI, will face challenges in managing the widespread effects on employment.
The report also cautioned that the benefits of AI-driven automation often favor capital over labor, which could deepen inequalities. The displacement of low-cost labor in developing countries could reduce their competitive advantage, further widening the gap between developed and developing economies.
In her statement, UNCTAD Secretary-General Rebeca Grynspan stressed the importance of placing people at the center of AI development. She urged stronger international cooperation to focus on “people-first” policies and enable countries to co-create a global AI framework that fosters inclusive economic growth.
“History has shown that while technological progress drives economic growth, it does not, on its own, ensure equitable income distribution or promote inclusive human development,” Grynspan said.
The UNCTAD report also revealed that in 2023, frontier technologies such as AI, blockchain, 5G, and 3D printing represented a $2.5 trillion market. This figure is expected to grow sixfold, reaching $16.4 trillion by 2033, with AI emerging as the dominant technology in this sector. By 2033, AI is expected to constitute a $4.8 trillion market.
However, the report warned that access to AI infrastructure and expertise is currently concentrated in a few economies, particularly the United States and China, which together account for 40% of global corporate research and development spending.
“Countries should act now,” the agency advised, emphasizing that by investing in digital infrastructure, building capabilities, and strengthening AI governance, nations can harness AI’s potential for sustainable development.
UNCTAD also highlighted that AI is not solely about job displacement but has the potential to create new industries and empower workers. To fully capitalize on these opportunities, the agency stressed the importance of investing in reskilling, upskilling, and workforce adaptation.
The report underscored the need for global participation in AI governance discussions, noting that 118 countries, mostly in the Global South, are currently absent from major AI policy-making platforms. As AI regulation and ethical frameworks continue to develop, UNCTAD emphasized that developing nations must be included in these conversations to ensure that AI serves global progress, rather than the interests of a select few.
As AI continues to shape the economic landscape, the UN agency calls for a concerted effort to ensure the technology is deployed in a way that benefits all nations and promotes equitable development worldwide.
The Kuwait government approves tougher measures to tackle financial crimes.
KUWAIT CITY, June 30: Kuwait is intensifying efforts to combat money laundering and terrorist financing by enhancing its legislative framework, announced Minister of Finance and Minister of State for Economic Affairs and Investment Noura Al-Fassam on Monday.
The minister spoke in a statement issued by the Ministry of Finance following the publication of Decree Law No. (76) of 2025 in the official gazette, Kuwait Today. This decree introduces important amendments to Law No. (106) of 2013, reflecting Kuwait’s integrated government efforts to strengthen measures against financial crimes.
During the Cabinet meeting on June 17, the draft of the amended decree law was approved, underlining Kuwait’s commitment to raising the effectiveness of the national response to money laundering and terrorism financing. The amendments align with the requirements of the Financial Action Task Force (FATF) and relevant international standards.
The new decree law includes two significant amendments:
- Article One replaces Article (25) of Law No. (106) of 2013, empowering the Council of Ministers, upon the recommendation of the Minister of Foreign Affairs, to issue necessary decisions to implement United Nations Security Council resolutions related to terrorism, terrorism financing, and the proliferation of weapons of mass destruction under Chapter VII of the UN Charter. These decisions will take effect immediately upon issuance, consistent with Security Council Resolution No. 1373 of 2001. The executive regulations will define the rules for publishing these decisions, appealing them, authorizing the release of frozen funds for essential living expenses, and managing such assets.n
- Article Two adds a new Article (33 bis) to Law No. (106) of 2013, stating that any violation of decisions issued under Article (25) will result in fines ranging from 10,000 to 500,000 Kuwaiti dinars per violation. This penalty complements any additional sanctions imposed by regulatory authorities on financial institutions or designated non-financial businesses.n
The Ministry emphasized that these amendments support the National Committee for Combating Money Laundering and Terrorism Financing by broadening its powers to apply targeted financial sanctions in compliance with FATF standards. This includes the mandatory freezing of assets belonging to individuals and entities listed locally as terrorists, effective immediately upon decision issuance.
Furthermore, the amendments enable the Committee to impose fines on violators and require publishing the national list of designated terrorists on the Committee’s official website, enhancing transparency and meeting international obligations.
Minister Al-Fassam concluded that the updated legislative measures reaffirm Kuwait’s strong commitment to fighting financial crimes, safeguarding national security and stability, and fulfilling its global responsibilities.
Updated regulations aim to boost fair use and revenue from state properties.
KUWAIT CITY, June 30: The Ministry of Finance announced on Sunday the issuance of a new ministerial decision amending the regulations governing the use of state-owned real estate and service fees, in a move aimed at achieving a fair balance between public interest and the needs of individuals and institutions.
In a press statement, the Ministry said the decision comes as part of its broader efforts to regulate the use of government-owned properties and protect national resources. Ministerial Resolution No. 54 of 2025 introduces amendments to the regulations first outlined in Resolution No. 40 of 2016.
Minister of Finance and Minister of State for Economic Affairs and Investment, Eng. Noura Al-Fassam, stated that the amendments are intended to ensure fairness, clarify procedures, and improve transparency in the utilization of state assets.
“These changes aim to establish a fair balance in how state-owned properties are used by citizens and entities, while safeguarding public interests,” Al-Fassam said.
She added that the updated regulations were the result of a comprehensive pricing study comparing Gulf and international markets. The amended prices remain below average rates in Gulf Cooperation Council (GCC) countries, and were developed with Kuwait’s economic and social conditions in mind. The goal, Al-Fassam noted, is to promote equal opportunities and secure sustainable revenue streams for the state.
The amendments cover a wide range of activities involving the use of state-owned property, including chalets, rest houses, commercial complexes, cooperative societies, banks, and warehouses. They also apply to educational institutions, sports clubs, and hospitals.
In support of national food security and the promotion of local production, the Ministry also announced the stabilization of agricultural coupon prices under the new regulations.
The revised framework reflects Kuwait’s continued efforts to modernize its public asset management policies while maintaining a strong emphasis on economic fairness, efficiency, and sustainability.
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