Participation of artificial intelligence in economic growth in Romania

Valeriu Ioan-Franc (1) and Ioan I. Gâf-Deac (2)

(1), (2) “Costin C. Kirițescu” National Institute for Economic Research – Romanian Academy, Bucharest, Romania

Abstract

The purpose of this article is to demonstrate that it is necessary to model the connections of the Romanian economy for growth with the help of Artificial Intelligence (AI). That is why it is useful to align with the trends in the EU economy and on a global level to use innovative technologies, with the domestic economy having the opportunity to become excellent. It is a moment of opportunity for commitment in this regard, considering that Romania already has the IT infrastructure and the human resources with a real predisposition to AI. The article reports on the research carried out, by way of example, on a number of AI companies, and from the answers received and processed, real values emerge that reflect the potential of contributing to economic growth through AI. Our article presents a first-of-its-kind view of how AI investment and participation relate to domestic economic outcomes. It is estimated that, mainly, in Romania in the coming years, the expected economic growth can be registered on account of the activities coming from small and medium enterprises dominated by AI. As such, it is considered that the new AI economy will be able to be built and engaged in Romania to the extent that small and medium enterprises will show “constructive behaviour, with evolutions based on innovation with the help of AI”. Keywords: Artificial Intelligence (AI), economic growth, AI variables, AI growth modelling JEL Classification: C15, E17, O11, O47

Please cite this article as: Ioan-Franc, V. and Gâf-Deac, I.I., 2024. Participation of Artificial Intelligence in Economic Growth in Romania. Amfiteatru Economic, 26(67), pp. 944-956. DOI: https://doi.org/10.24818/EA/2024/67/944