Ask Onix
AI potential for Jersey's economy highlighted at annual review
Jersey could unlock significant productivity gains through artificial intelligence (AI), but only with increased funding in skills and innovation, an economist has warned.
Call for investment in digital transformation
Economist James Linder addressed Digital Jersey's annual review on Thursday, emphasizing that AI adoption could bolster the island's economy-if backed by targeted investment. The event centered on AI's role in both public and private sectors.
Linder stressed that without funding for skills development and innovation, Jersey risked missing out on AI-driven productivity growth. He also acknowledged the need to balance economic benefits with potential job market disruptions.
"We have a tight labor market, with more jobs than people. As the population ages, this pressure will intensify. While technology may eliminate some roles, history shows it ultimately creates more opportunities."
James Linder, Economist
Government and industry leaders weigh in
Digital Jersey CEO Tony Moretta described AI as a transformative force for businesses and economies, calling Jersey's approach to it "fundamental" to its future. He warned that without greater investment in digital technologies and skills, the island could lag behind.
"Boosting productivity and managing AI-related risks requires genuine commitment. Otherwise, we risk falling behind."
Tony Moretta, Digital Jersey CEO
Government's role in AI adoption
Deputy Kirsten Morel, Minister for Sustainable Development, confirmed the government's involvement in Jersey's AI Council, established in November to guide AI implementation. He highlighted ongoing digital projects aimed at creating a technologically advanced economy.
"AI is undeniably part of our future. We must embrace it carefully, as it will bring both challenges and opportunities across sectors. The faster we adopt AI safely, the better for Jersey's businesses."
Deputy Kirsten Morel, Minister for Sustainable Development
Balancing risks and opportunities
Linder noted that while AI could drive economic growth, businesses must weigh its benefits against potential job losses. He pointed to historical trends where technological advancements ultimately created more jobs than they displaced.
The government and Digital Jersey continue to explore AI's role in shaping Jersey's economic future, with further discussions expected in the coming months.
