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Saturday, June 24, 2023

Generative AI Could Add $4.4 Trillion a Year to the Global Economy, McKinsey Finds

 Generative AI Could Add $4.4 Trillion a Year to the Global Economy, McKinsey Finds

Vanessa Bates Ramirez in SigularityHub

There’s been concern about artificial intelligence taking away jobs for years, and with the recent boom in generative AI, those fears have grown. The ability to generate realistic and accurate text, images, or audio based on a prompt could make plenty of jobs obsolete (including, ahem, journalism and writing). But a new study says the doomsday predictions are misguided, because generative AI is far more likely to do just the opposite of canceling out jobs.

Last week, McKinsey published a report called The Economic Potential of Generative AI: The Next Productivity Frontier. It’s the result of a study involving 850 different job roles and 2,100 tasks across occupations in 47 countries. Researchers considered what portion of each existing job or task can be taken over by generative AI, as well as new occupations and responsibilities likely to be created by the technology. Their conclusion? Generative AI has the potential to create up to $4.4 trillion worth of annual value in the global economy.

$4.4 trillion is the high end of a range, with the lower bound sitting at $2.6 trillion. Even if the value created were to fall on the low end, it would still approximate the GDP of the United Kingdom, which was $3.1 trillion in 2021.  ... ' 

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