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Wilmot says rapid advances in artificial intelligence represent a turning point for global productivity and economic growth.
Jonathan Wilmot, Global Strategist at Aletheia Capital.
Artificial intelligence (AI) is set to transform the global economy in a way comparable to past industrial revolutions, even as geopolitical tensions and energy risks continue to shape the near-term outlook for markets and policymakers, according to Jonathan Wilmot, Global Strategist at Aletheia Capital.
Speaking at the Moneycontrol Global Wealth Summit, Wilmot said rapid advances in artificial intelligence represent a turning point for global productivity and economic growth.
“When I started my firm, I was convinced that AI and machine learning had reached a point of takeoff and would eventually become the leading factor transforming the whole of the world economy,” Wilmot said.
AI could accelerate innovation
Wilmot described artificial intelligence as a powerful force multiplier for human innovation and scientific discovery.
“In a very simplistic way, AI is to human brain power what the steam engine was to horsepower,” he said.
According to him, the technology could act as a “force accelerator for human intellect”, helping speed up innovation, research and product development across sectors.
AI may lower costs of essentials over time
Wilmot said AI-driven innovation could eventually reduce the cost of essential goods and services globally.
“I’m convinced that the effect will be profound in lowering the costs of food, energy, housing and healthcare,” he said.
He added that the impact would come not only from artificial intelligence itself but also from its interaction with other technologies such as solar energy, smarter farming systems and advanced manufacturing.
However, Wilmot cautioned that the transition may initially push prices higher as companies invest heavily in building AI infrastructure before long-term cost benefits begin to emerge.
Central banks facing a complex policy challenge
According to Wilmot, the combination of rapid technological change and geopolitical tensions has created one of the most challenging environments for central banks.
“This is one of the most difficult periods for central banks around the world,” he said.
He noted that policymakers may be divided between those focusing on long-term productivity gains and those concerned about short-term inflationary pressures.
“If you emphasise the longer-term productivity benefits… you would say there’s no need to raise interest rates in the face of a short-term shock,” he said.
AI boom not similar to dot-com bubble
Wilmot also addressed concerns about the sharp rise in valuations of artificial intelligence companies.
“What it clearly is not is the same as the dot-com situation in the 1990s,” he said, adding that many leading AI companies are supported by strong earnings growth.
At the same time, he warned that global economic shocks could still trigger sharp corrections in technology stocks.
“If we have a shock to the world economy… you’re going to see very large declines in the valuation of this stuff,” he said.
Oil price risks remain amid Middle East tensions
Wilmot also highlighted the risks posed by ongoing geopolitical tensions in the Middle East.
He said global oil markets remain highly sensitive to disruptions in the Strait of Hormuz, a key global energy shipping route.
“Unless we can reopen the Strait of Hormuz within three or four weeks, we’ll be in a situation where oil prices could head towards $150 or even higher,” he said.
India could benefit from AI-driven growth
On India’s long-term prospects, Wilmot said the country’s demographic strength and economic trajectory position it well in the evolving global economy.
“India is going to be the largest country in the world in terms of population,” he said.
He added that India could become increasingly important both as an alternative global manufacturing hub and as a participant in the AI-driven economy.
“I think India will become more and more important, both economically as an alternative manufacturing destination and because you will actually do well from the AI trade,” he said.
Advice for investors
Wilmot advised businesses and investors to adopt artificial intelligence tools while remaining mindful of broader macroeconomic risks.
“Go hire a lot of AI agents to help you with the business, but don’t fire anybody as a result,” he said.
He also emphasised the importance of monitoring macroeconomic trends. “Never forget macro… because if the world has a macro seizure, that will dominate everything else.”
March 14, 2026, 13:20 IST
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