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This report examines the broad impact of artificial intelligence (AI) on businesses, governments, and the global economy, emphasising its transformative potential due to AI's capacity for large-scale data analysis. The study highlights the essential role of open data in AI development, noting that substantial data volume, variety, and veracity are crucial for effective AI training. It also explores the legal and policy challenges associated with AI, such as intellectual property rights, data protection, and product liability. The analysis draws on insights from a webinar series and offers guidance for policymakers, AI companies, and the general public on navigating these complex issues.