McKinsey & Company has on Thursday predicted that half of today’s global work activities could be automated between 2030 and 2060. using generative AI.
A report released by the consulting firm also said about 63 new generative AI use cases could add between $2.6 trillion to $4.4 trillion in annual global productivity. The use of generative AI could increase global labour productivity by 0.1 to 0.6% every year until 2043, compensating for declining employment growth due to aging populations, according to the report.
The potential economic contribution of other AI technologies could be boosted by as much as 40% from the deployment of generative AI use cases. Also, Generative AI’s current capabilities together with other technologies have the potential to automate work activities that absorb 60 to 70% of employees’ time today, up from 50% some years ago, as per McKinsey & Company.
According to McKinsey estimates, excluding the effects of generative AI, artificial intelligence, and analytics use cases could deliver $11 trillion to $17.7 trillion in value to the global economy annually. However, adding generative AI to these use cases could increase that amount by 15 to 40%.
