Worldwide spending on Artificial Intelligence (AI) will more than double to $632 billion by 2028, according to research. The pace and reach of this growth makes AI an economic priority across the globe.

That’s why Boston Consulting Group (BCG) is introducing its AI Maturity Matrix, which assesses 73 global economies in a new report and an interactive dashboard.

The research identified six models of AI economic development and potential. The vast majority of economies are gradually adopting AI, but there is a small, influential group of AI pioneers that are leading the way.

Out of 73 economies assessed, only five – Canada, Mainland China, Singapore, the UK and the US – are categorized as AI pioneers. More than 70% of ecoomies however scored below the halfway mark in categories such as ecosystems participation, skills and R&D.

Readiness

Readiness for AI refers to an economy’s ability to effectively implement and integrate the technology.

Six sectors are most exposed to AI-driven changes. These include information and communication; high-tech goods; retail; financial services; public services; and motor vehicles manufacturing.

AI can create positive spillover effects throughout an economy, boosting Gross Domestic Product. Deployment and experimentation with AI in one industry can increase growth in adjacent sectors and allow new use cases to form.

The bulk of economies aren’t supporting enough research or investment, slowing their ability to foster startups or deploy homegrown solutions.

The ambition to engage AI is high throughout the world—but ambition alone isn’t enough. Most governments have communicated their strategies or created AI ministries. Yet they must also go further, says BCG, and take proactive, concrete actions, such as forming test beds for AI R&D and supporting or complementing private sector innovation.

Ultimately, exposure to the changes brought by AI is inherent in today’s world. Every economy has at least some sector exposure to AI. Yet an economy with high exposure isn’t necessarily in a bad spot—on the contrary, some of the most exposed are also the most prepared.

AI and its development will reshape the world, posing both challenges and opportunities for societies far into the future. With BCG’s AI Maturity Matrix, we hope to offer policymakers a practical framework to navigate the evolving AI landscape and harness AI’s potential to strengthen economies and enhance societal well-being.

What can economies do to improve?

BCG research suggests economies need to establish the foundations for AI emerging economies such as establishing an national strategy, providing the training and digital programmes for the wider workforce, boost R&D investments and establish research centres among others.

The report said: “The prize is economic advantage, but they are poised to shape how humanity will interact with this powerfully disruptive technology.”