“There is a lot of talk about technological innovation, artificial intelligence, machine learning, robotics, automation, cloud computing, quantum computing, and more. But we don’t see all of that in the overall productivity numbers. The improvement in productivity in the US was barely 1 percent, which is a bit less.
Will we see a significant increase in productivity in 10 years? I’m so hopeful (about it)
Roubini said on Yahoo Finance Live.
This week provided a good example of the economic potential of generative AI, notes the economist. A new study by McKinsey records 63 AI use cases across 16 business industries They can generate economic benefits of between $2.6 and $4.4 trillion annually. The same study found that generative AI can perform all elements of more than 2,100 complex work activities.
Generative AI has the potential to change the structure of work by automating certain activities and increasing the capabilities of workers.
Current generative AI and other technologies are capable of automating work activities that currently take up 60-70 percent of workers’ time.” McKinsey researchers note.
However, despite the promising positive impact of artificial intelligence on the economy Roubini also drew attention to the disadvantages associated with this phenomenon.
“I think there will be significant delays in the impact of AI.
The idea that artificial intelligence and technology will spur economic growth in the next two to three years seems farfetched to me
Roubini confirmed. According to the specialist, in the medium to long term, technology will have a significant impact on inflation, however
We may face a decade of stagflation before we experience the benefits of artificial intelligence on a national economic scale.
Cover photo: Shutterstock
