AI may add $4.4 trillion annually to global economy, says McKinsey

Generative artificial intelligence is set to offer potential economic benefits of as much as $4.4 trillion, about 4.4 per cent of the world economy’s output, according to a study by McKinsey’s research arm  released on Thursday. Generative AI will give humans a new “superpower”, and the economy a much-needed productivity injection, said Lareina Yee, a senior partner at the firm and chair of McKinsey Technology.
 

The research studied 63 use cases for generative AI, the type of tools that can generate content such as text or images based on a prompt, across some 850 occupations. Depending on how the technology is adopted and implemented, productivity increases could range between 0.1 per cent and 0.6 per cent over the next 20 years, it found. “Business leaders need to understand which activities can be changed, and how they want to rethink that,” said Yee.

 

Google warns staffers on chatbots

Alphabet, the Google parent, has warned employees on how they use chatbots, including its own Bard. It has advised employees not to enter confidential materials into chatbots, sources said and the company confirmed, citing long-standing policy on safeguarding information. REUTERS