AI Transformation: An Important Feature of the New World Economic Order

AI transformation is changing all sectors and all products. These innovative technologies are a culmination point in this fourth industrial revolution. This chapter deals with AI transformation and its implications on different economic sectors. The starting point is the transition from digital to AI transformation in economy. Five major challenges related to AI application in economic sectors, namely, trade, services and industry using 3D printing and augmented reality/virtual reality, customer services, marketing, and delivery system. As concluded in this paper, best actions are needed since AI transformation in economy is strengthening the gap between the Global North and the Global South. Rethinking legal standards is an obligation rather than a choice, considering that codes are not laws and the importance of ethics in AI for the global governance of AI.