Abstract
ChatGPT has been the latest trend of technology which generated much debate within the society as it is impactful on the life of human beings. It integrated Artificial Intelligence and natural language processing technology, and have the ability to replace the work of human beings. As it works based on huge databased, ChatGPT is also knowledgeable in handling questions of different industries. In this paper, the effects of ChatGPT on economic development is future discussed. ChatGPT can influence the economic as it is able to bring impacts on labor market, education, technology integration, business decision and political decision. The impacts of ChatGPT can be argued to bring to both positive and negative impacts. The current characteristics of ChatGPT includes technical and data limitation, improve efficiency in multiple fields and bring to potential ethical and legal issues. The paper will further argue that ChatGPT can be integrated into the field of medical, education, and sales and marketing. By integrating ChatGPT into these field, it can increase the business model of ChatGPT, while also beneficial for the respective fields which brings to overall economical development of the society.
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