Global | Impact of generative AI on the economy and employment

Summary

Generative artificial intelligence will act as a general-purpose technology, boosting labor productivity and transforming the financial sector. Although it will replace routine tasks, its main role will be to complement workers and democratize knowledge, requiring ethical and supervised adoption to mitigate associated risks

Key points

• Key points:
• After overcoming an initial adaptation phase known as the J-curve, this technology is estimated to generate exponential labor productivity growth of between 0.7 and 1.3 percentage points annually at a global level.
• The United States currently leads the preparation and development of these technological tools worldwide, while Spain is situated in an intermediate position in terms of its adoption and maturity.
• Banking is already obtaining tangible benefits by optimizing data-intensive processes, improving credit evaluation, regulatory compliance, fraud prevention through cybersecurity, and customer service.
• Younger profiles or those with less professional experience benefit the most from these tools, as they facilitate immediate access to codified information and accelerate their learning curve within companies.
• Market concentration in a few companies, rising inequality, and model hallucinations require the implementation of pilot tests and keeping a human in the decision loop to avoid excessive dependencies.

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