Press Releases
The Sixth Edition (March 2024); "AI, between Advantages and Challenges"
The Central Bank of Kuwait (CBK) releases the sixth edition (March 2024) which is one of the quarterly series the CBK has been issuing since November 2022, as part of the CBK’s ongoing efforts to keep abreast with the global trends of central banks in enhancing disclosure and transparency by covering some carefully selected economic, monetary and banking topics with the aim to raise awareness and highlight CBK’s efforts on the area of monetary and financial stability. The sixth edition (March 2024) comes under the title " Artificial Intelligence: Advantages and Challenges" . The first section of the report, entitled " Artificial Intelligence and the Economy" , reviews the most important channels through which AI technology impacts gross domestic product and offers a comprehensive overview of global companies' investments in the field of AI technology. The second section, entitled " Channels of the Impact of Artificial Intelligence Technologies on the Labor Market , " examines how AI technology impacts the labor market in particular, and the extent to which aspects of its impact vary between advanced economies, emerging market and developing countries. The third section, entitled " Potential AI Applications for Central Banks’ Business ," presents the most significant AI capabilities that can potentially enhance central banks business at various levels to achieve financial stability and avoid systemic risks. The fourth section, entitled " Recent Examples of AI Applications in the Field of Banking and Financial Services ," sheds light on various aspects of AI applications to enhance banking and financial services quality, while presenting some examples of AI applications by a number of world banks. The fifth section, entitled " Challenges and Risks ," addresses the most important challenges posed by use of AI technology on economic and social level. An explanatory box on the monetary trends of the major global central banks is also included herein. This report is the first in this series issued for the year 2024.
