TRANSFORMATION OF THE ECONOMY WITH ARTIFICIAL INTELLIGENCE: PERSPECTIVES, CHALLENGES AND OPPORTUNITIES

Publisher: University of East Sarajevo, Faculty of Business Economics Bijeljina; Dean: Vesna Petrović; Reviewers: Rade Stankić, Lazar Radovanović, Vuk Vuković; Editors: Mirela Mitrašević, Srđan Damjanović, Vesna Petrović, Predrag Katanić;

ISBN Print: 978-99955-45-45-1 ISBN Online: 978-99955-45-46-8

The monograph entitled “Transformation of the Economy through Artificial Intelligence: Perspectives, Challenges, and Opportunities” was produced as a result of the project co-financed by the Ministry of Scientific and Technological Development and Higher Education (Co-financing Agreement for the Scientific Research Project No. 19.032/961-81/23 dated 29.12.2023).

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Foreword

The methodology of the chapters in this monograph included a detailed analysis of current academic literature related to the development of artificial intelligence (AI), and case studies on the application of AI in the economy, as well as collaboration with leading experts in the fields of economics and AI. This multidisciplinary approach enabled the research and analysis of the AI’s impact on various economics sectors, and helped identify how AI can be used to improve efficiency, foster innovations, and enhance competitiveness in the economy, while also considering potential challenges and risks it brings.

The monograph presents how AI can transform business processes, improve decision-making and enhance strategies across various economic sectors. Furthermore, it analyzes the consequences of insufficient use or integration of AI in economic strategies, including missed opportunities for growth, innovation, and competitiveness at both national and international levels.

The goal of the monograph is to contribute to the understanding of current achievements in the application of AI in the economy, and to encourage the development of a national AI project to ensure economic competitiveness and sustainable development. It is emphasized that the application of these technologies should adhere to strict ethical standards and incorporate sophisticated monitoring mechanisms in order to reduce issues related to transparency, data privacy and security, as well as numerous potential abuses.

The results presented in this monograph provide valuable insights and recommendations that will benefit the academic community, the economy and policymakers. In addition to providing free access to the electronic edition of the monograph, the educational events will be organized to present our findings on the potentials and challenges of AI application to students, entrepreneurs, and the broader public. These results can serve a starting point for further research in the field of AI and economics and contribute to the long-term scientific and technological development.

We are grateful to the authors for their great commitment to the preparation and publication of this scientific monograph, as well as to the reviewers for useful suggestions that have contributed to the quality of the monograph.