According to Goldman Sachs, the rise of artificial intelligence (AI) technologies like ChatGPT could provide a significant boost to Taiwan’s economy, potentially increasing its GDP by as much as 7% in 2024. Taiwan is a major producer of semiconductors, which are crucial components for AI systems. As the demand for AI hardware and software grows, Taiwan’s semiconductor industry is expected to benefit greatly. Goldman Sachs predicts that AI could drive a surge in demand for advanced chips, memory, and other components produced by Taiwanese companies like TSMC and Foxconn. This increased demand could lead to higher production levels, more investment, and job creation in Taiwan’s tech sector. Additionally, the adoption of AI across various industries could improve productivity and efficiency, further contributing to economic growth. However, the report also notes potential risks, such as the need for significant investment in AI research and development, as well as the potential for job displacement in certain sectors.
Source: https://www.businessinsider.com/ai-chatgpt-semiconductors-taiwan-economy-growth-gdp-2024-4