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- 🤖 Generative AI could add trillions to global economy
Good morning and welcome to the latest edition of neonpulse!
Today, we’re talking about the potential for AI to add to the global economy, because McKinsey thinks it’s huge…
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Generative AI could add trillions to global economy
A recent report from McKinsey & Company reveals that generative AI holds the promise of significantly enhancing global economic output. The study, titled "The Economic Potential of Generative AI," published on June 14, 2023, dives into the potential impact of AI tools like ChatGPT across various sectors.
According to McKinsey & Company, generative AI could potentially add an astounding $2.6 to $4.4 trillion in global value annually by boosting productivity across 63 different use cases. This translates to a 15-40% increase in AI's overall contribution to the economy, surpassing previous projections that did not consider advancements in natural language processing.
McKinsey & Company asserts that rapid adoption of generative AI could elevate annual global productivity growth by up to 0.6 percentage points through 2040. Understanding where generative AI can create the most value is paramount as companies race to implement these applications.
Nonetheless, the report's authors urge caution and emphasize the need to address risks associated with misinformation, security, and job losses in automated work. Supporting smooth transitions to new types of work will be vital to ensuring that economic gains are distributed fairly.
On the flip side, McKinsey & Company researchers highlight that thoughtfully implemented AI could herald a watershed moment for global growth due to the scale of opportunity it presents.
In agreement with McKinsey's findings, Goldman Sachs Research conducted a study and also foresees significant economic growth through generative AI. The investment bank predicts that breakthroughs in this field could potentially raise global GDP by 7%, equivalent to nearly $7 trillion. Their report, released on April 5, 2023, underscores the impact of AI tools using natural language processing, which could boost worldwide productivity by 1.5 percentage points through 2033.
Joseph Briggs and Devesh Kodnani, economists at Goldman Sachs, foresee potential shifts in employment due to the rise of AI systems. They estimate that about 300 million full-time jobs may be exposed to automation. Analyzing data on over 900 occupations, Goldman Sachs predicts that approximately two-thirds of U.S. jobs are exposed to some level of automation by AI. While up to half of the workload in these occupations could be replaced, the bank maintains that not all automated work will result in layoffs.
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