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Generative A.I. Can Add $4.4 Trillion in Value to Global Economy, Study Says

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According to a McKinsey Global Institute report, “generative artificial intelligence” is expected to add up to $4.4 trillion in annual value to the global economy, a bright spot for the economic impact of rapidly evolving technology. Being one.

According to an early 68-page report, generative AI, including chatbots like ChatGPT that can generate text in response to prompts, can save workers 60-70 percent of their time by automating tasks, increasing productivity. said to have the potential to improve Wednesday. According to the report, half of all work will be automated between 2030 and 2060.

McKinsey previously predicted that half of all work will be automated by AI between 2035 and 2075, but the power of generative AI tools that exploded onto the tech scene late last year has pushed the company’s Forecasts have accelerated.

“Generative AI has the potential to change the structure of work and empower individual workers by automating parts of individual tasks,” says the report.

The McKinsey report is one of the few so far to quantify the long-term impact of generative AI on the economy. The report comes as Silicon Valley is in a frenzy for generative AI tools like ChatGPT and Google’s Bard, with tech companies and venture capitalists investing billions in the technology. rice field.

The tools, some of which can even generate images and videos and even keep conversations going, have started discussions about how they will affect jobs and the global economy. Some experts predict that AI will take people out of their jobs, while others say the tool could improve personal productivity.

Goldman Sachs released a report last week warning that AI could disrupt workers and that some companies will benefit more from the technology than others. In April, researchers from Stanford University and the Massachusetts Institute of Technology published research showing that generative AI could improve the productivity of inexperienced call center operators by 35 percent.

Conclusions about the impact of this technology may be premature. MIT economics professor David Autor warned that generative AI “is not as miraculous as people claim.”

“We’re in the really, really early stages,” he added.

For the most part, economic studies of generative AI do not consider other risks posed by the technology, such as whether misinformation can spread and eventually escape the realm of human control.

The majority of the economic value of generative AI will most likely come from helping automate employee tasks in customer operations, sales, software engineering and research and development, according to a McKinsey report. . Lareina Yi, a McKinsey partner and author of the report, said generative AI could create a “superpower” for highly skilled workers by summarizing and editing content.

“The most profound change we will see is the change of people, which will require far more innovation and leadership than technology,” she said.

The report also outlines challenges that industry leaders and regulators need to address with AI, including concerns that the content generated by tools can be misleading or inaccurate.

Acknowledging that the report makes predictions about the impact of AI, Yi said that “if we can capture even a third” of the technology’s potential, it will be And it’s pretty remarkable,” he said.

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