Artificial intelligence (AI) is reshaping economies and creating new forms of competition, with growth in the coming era to be determined by creativity rather than goods, services or code, a leading technology executive in Greece said on Wednesday.
Speaking at the Athens Democracy Forum, Michalis Kassimiotis, managing director of Hewlett Packard Enterprise for Greece and Cyprus, said the shift to AI could dramatically boost national growth but warned that success would depend on the availability of skilled workers.
“In the Industrial Revolution, scale was based on producing more efficiently; in the digital age, it was services. In the AI era, the economy of scale is based on creativity, which can transform consumption patterns in a country – or even worldwide,” Kassimiotis told a panel titled “The AI Factory as a Business Model.”
He described AI as “a powerful accelerator across sectors” that is creating new forms of competition. But he also raised key questions: “How can these capabilities deliver real benefits? And who is ultimately the consumer?”
On policy, Kassimiotis said Europe’s strict regulatory stance on AI risked holding back innovation. “There’s a big debate: innovation first or regulation first. I believe regulation as it stands does not work – when you restrict innovation, it doesn’t work. Europe cannot be strong only in regulating things,” he said.
If Greece manages to harness AI effectively, he added, its GDP could rise “dramatically.” Still, he cautioned that “to achieve this, we need the right human capital. The big question is: do we have the necessary talent?”
The panel, held at the Athens Conservatoire, was moderated by Tom Ellis, editor-in-chief of Kathimerini English Edition.
The Athens Democracy Forum is co-organized by Kathimerini in association with The New York Times.