Today, Artificial Intelligence (AI) is transforming societies and economies and the AI landscape has evolved significantly from 1950 when Alan Turing first posed the question of whether machines can think. AI promises to generate productivity gains, improve well-being and help address global challenges, such as climate change, resource scarcity and health crises. Yet, as AI applications are adopted around the world, their use raises questions and challenges related to human values, fairness, human determination, privacy, safety and accountability, among others. This report helps build a shared understanding of AI in the present and near-term. It maps economic and social impacts of AI technologies and their applications, and identifies their applications and major policy considerations. The report also provides an overview of the current AI policy landscape, including AI initiatives from governments and other stakeholders at national and international levels.