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Study Says Generative AI Could Add $4.4 Trillion Value To Global Economy

According to a report by the McKinsey Global Institute, “Generative Artificial Intelligence” is set to add $4.4 trillion of value to the global economy annually.

generative AI, which includes Chatbots like ChatGPT The system, which can generate text in response to prompts, could potentially boost productivity by saving 60 to 70 percent of workers’ time through automation of their work, according to the 68-page report. The report states that between 2030 and 2060, half of all work will be automated.

McKinsey previously predicted that AI would automate half of all work between 2035 and 2075, but the power of generative AI tools — which burst onto the tech scene late last year — upended the company’s forecast.

“Generative AI has the potential to change the anatomy of work, enhancing the capabilities of individual workers by automating some of their individual activities,” the report said.

McKinsey’s report is one of the few so far to measure the long-term impact of generative AI on the economy. The report comes as Silicon Valley has been caught up in excitement over generative AI tools like ChatGPT and Google’s Bard, with tech companies and venture capitalists alike. billion dollar investment in technology.

The devices – some of which can even generate pictures and videos, and carry on a conversation – have triggered debate over how they will affect jobs and the world economy. Some experts have predicted that AI will displace people from their jobs, while others have said the tools could increase personal productivity.

Last week, Goldman Sachs released a report warning that AI could lead to worker disruption and that some companies would benefit more from the technology than others. In April, a Stanford researcher and researchers at the Massachusetts Institute of Technology released a study showing that generative AI can increase the productivity of inexperienced call center operators by up to 35 percent.

Any conclusions about the effects of the technology may be premature. David Autor, an economics professor at MIT, cautioned that generative AI “will not be as miraculous as people claim.”

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

For the most part, economic studies of generative AI do not take into account other risks from the technology, such as whether it could spread misinformation and eventually escape the realm of human control,

According to a McKinsey report, much of the economic value of generative AI will come from helping workers automate tasks in customer operations, sales, software engineering, and research and development. Generative AI could create “superpowers” for high-skilled workers, as the technology can summarize and edit content, said Larina Yi, McKinsey partner and author of the report.

“The most profound change we are going to see is a change in people, and this will require far more innovation and leadership than technology,” she said.

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

Ms. Yee acknowledged that the report was predictive about the effects of AI, but that “if you can achieve even a third of the potential of the technology”, “that’s pretty remarkable over the next five to 10 years.” “

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