Artificial intelligence has no shortage of critics — from visionaries like Elon Musk, who once compared A.I. to "summoning the demon" in a horror film, to everyday workers who fear being replaced by machines.
But A.I. and other new technologies could take off in countries with a shortage of young workers, according to Rob Subbaraman, chief economist for Asia ex-Japan at Nomura. Those include Japan, China, South Korea and Taiwan.
"If you don't embrace these new artificial intelligence, robotics and ways to make up for shortages of youth labor, you're going to have a slowdown of potential growth," he told CNBC's "Capital Connection" on Monday.
A country's growth potential is driven by labor, capital and productivity. Slowdown in a country's labor force growth means it has to rely a lot more on productivity in order to maintain its growth.
That's where machines can help, since they can process information faster and carry out tasks more quickly than humans.