At the Delphi Economic Forum X, a session that began with dark clouds quickly turned to rays of cautious optimism, thanks to an unexpected source. Nouriel Roubini—nicknamed “Dr. Doom” for his infamous prescience during the 2008 financial crisis—defied his moniker, offering not doom but data-driven hope. And at the heart of that hope was one word: AI.
“There’s a reason I have shifted from Dr. Doom to Dr. Boom,” Roubini quipped. The culprit behind this shift? He described a technological revolution as “the most significant in human history.”
While the session initially unpacked recent market jitters—caused in part by President Trump’s aggressive tariff moves—Roubini quickly pivoted to the long-term forces reshaping the global economy. Chief among them are artificial intelligence, quantum computing, robotics, and automation. His message was unambiguous: the U.S. is on the verge of a productivity boom unlike anything we have seen, and AI is leading the charge.
The case for exponential growth
Roubini argued that previous technological waves, from the Industrial Revolution to the Internet era, followed logarithmic curves—they improved lives and productivity but eventually plateaued. In contrast, AI promises exponential impact, touching nearly every industry, from healthcare to defence, finance to agriculture.
“AI isn’t just innovation—it is a systemic force multiplier,” he said. “From space exploration to biomedical research, it is rewriting the playbook.”
According to Roubini, this isn’t some distant sci-fi scenario. The so-called “Magnificent Seven” of Silicon Valley—Apple, Amazon, Alphabet, Meta, Microsoft, Nvidia, and Tesla—are already in an arms race for AI leadership, pushing forward massive capital expenditures regardless of who sits in the White House. “The private sector has too much at stake to wait,” he noted. “It doesn’t matter if it is Trump, Biden, Harris, or even Mickey Mouse in office—AI is happening.”
Nouriel Roubini: productivity & the real growth engine
Roubini’s central thesis is that AI-driven productivity will be the antidote to the negative shocks posed by protectionism, deglobalisation, and populist policy volatility. U.S. potential growth, currently pegged at 1.8% by the Federal Reserve, could rise to 4% by the end of the decade and even 6% by the 2030s if AI adoption continues at current rates.
Yes, tariffs may shave 30–50 basis points off growth, but AI could add 200. “Tech trumps tariffs,” he declared, with the confidence of someone used to taking unpopular positions—and often being proven right.
Europe: adapt or trail
Though Roubini’s analysis centred on the U.S., his message to Europe was implicit but urgent: get in the game or fall behind. While innovation may originate in the U.S. and China, fast adopters can still ride the wave. Countries like Greece, he said, may not be in charge of AI development, but they can still harness its power by integrating it across sectors—if they move quickly.
His optimism came with a caveat. The benefits of AI must be matched by sound governance, regulatory foresight, and inclusive policies that prevent further socioeconomic polarisation. Otherwise, technological advancement could deepen the very inequalities it seeks to resolve.
Betting on intelligence—human and artificial
In a world beset by geopolitical tension, market volatility, and institutional fragility, Roubini’s vision of AI-led resilience is not naïve—it’s contrarian clarity. While he didn’t dismiss the risks—trade wars, debt blowups, populist policies—he argued that innovation cycles now move faster than political ones. That, he believes, is both a stabiliser and a disruptor. And as the conversation at Delphi made clear, the future won’t be shaped solely by tariffs or treaties—it will be shaped by code.
