The rise of artificial intelligence (AI) has sparked global productivity and innovation, yet for one small Caribbean Island, it has brought about a profound transformation.
Anguilla, a British overseas territory nestled in the Caribbean, has experienced an economic surge so remarkable that it now derives approximately one-third of its government revenue from AI-related sources, as reported by Forbes. What’s astonishing is that this revenue is generated without the need for a single line of code.
As a member of the Eastern Caribbean Currency Union, Anguilla has found a lucrative niche by capitalizing on its ownership of the “.ai” domain name, akin to “.jp” for Japan or “.fr” for France.
Anguilla’s .ai domain registrations surged from 144,000 in 2022 to 354,000 in 2023, generating over 20% of the government’s total revenue for the year. Find out in our Country Focus how this helps diversify the economy, making it more resilient to shocks. https://t.co/ULk3V6oVyb pic.twitter.com/qgMdCa4aYo
— IMF (@IMFNews) May 24, 2024
The International Monetary Fund (IMF) confirms in its official report that Anguilla’s country code ” .ai” has become exceedingly popular among tech enterprises worldwide. Since the introduction of ChatGPT in November 2022, registrations for the .ai domain name have surged dramatically, skyrocketing from 144,000 in 2022 to 354,000 in 2023.
Remarkably, the revenue generated from .ai domain registrations in 2023 alone amounted to EC$87 million, a staggering 20% increase compared to the entire government revenue of Anguilla for that year.
Looking forward, the IMF anticipates that revenue from .ai domain registrations will stabilize at approximately 15% of the government’s total revenue, marking a significant shift from previous years when such revenue accounted for only 5%.
Anguilla, heavily reliant on tourism, which constitutes 37% of its GDP, now finds itself diversifying its economy thanks to the burgeoning trend of .ai domain registrations. This newfound revenue stream underscores the transformative potential of AI, not only on a global scale but also for small, innovative communities like Anguilla.
