This sum could AI bring to the global economy
Management and strategy consultancy McKinsey & Company wrote in a report entitled “The economic potential of generative AI” analyzed the economic potential of working with AI. The report examined 850 occupations and 2,100 jobs in 47 countries.
The analysis results indicate that the global economy could get $2.6 to $4.4 billion from working with GenAI. The mean is roughly the same Gross Domestic Product of Liberia. And is a fraction of what Elon Musk has on the high edge.
The report notes that some workers will need support in learning new skills related to AI. Some will have to change jobs.
According to McKinsey, the advent of accessible generative AI has driven automation processes in the workplace: “Half of today’s work activities could be automated between 2030 and 2060, with a median in 2045, about a decade earlier than our previous estimates.”
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In particular, the McKinsey report found that four areas can benefit from GenAI. These are: customer operations, marketing and sales, software engineering, and research and development. For customer operations, McKinsey has found that about half of the customer contacts for banks, telecoms and utilities in North America are already handled by machines.
“We estimate that generative AI could further reduce the volume of contacts served by humans by up to 50 percent, depending on a company’s existing level of automation,” said McKinsey.
According to the report, marketing and sales could increase the productivity of sales spend by 3 to 5 percent worldwide. In software development, AI technology accelerates the process of code correction and root cause analysis, among other things.
In terms of research, McKinsey believes that generative AI will help reduce costs in general and use materials more efficiently, which could also lead to cost reductions in logistics and production.
McKinsey has confirmed that while the data for the report was partially analyzed and sourced by AI, the entire 2023 McKinsey Report on the Economic Impact of AI was authored by human authors.
