More than 200 economists, artificial intelligence researchers, and technology leaders have signed an open letter urging governments, businesses, and institutions to take immediate action to prepare for AI’s growing impact on the global economy.

The statement, coordinated by Stanford University's Digital Economy Lab, warns that artificial intelligence could become significantly more powerful over the next decade, bringing economic changes on a scale greater than the Industrial Revolution but unfolding much more rapidly.

While the experts acknowledge AI's potential to boost productivity, innovation, and living standards, they also caution that widespread automation could displace millions of workers and deepen economic inequality if left unchecked.

The letter calls on policymakers to establish clear incentives, regulations, and institutions that ensure AI complements human workers rather than replacing them. It emphasizes the need for responsible governance to maximize the technology's benefits while minimizing its social and economic risks.

Among the signatories are 16 Nobel Prize-winning economists, leading AI researchers, and executives from major technology companies, including Google, OpenAI, and Anthropic.

AI pioneer and University of Montreal professor Yoshua Bengio said the rapid pace of AI development makes a profound transformation of global economies increasingly likely. He urged governments and society to make deliberate, democratic decisions about AI's future instead of relying solely on market forces, warning that many people could otherwise be left behind.

Experts say the letter highlights the growing consensus that proactive policies, workforce retraining, and responsible AI governance will be essential as artificial intelligence becomes more deeply integrated into economies worldwide.