Global | Impact of generative AI on the economy and the financial sector

Summary

Generative artificial intelligence boosts global productivity through a J-curve pattern. Its adoption in the financial sector optimizes processes and reduces costs, while in the labor market it complements workers' skills, especially those with greater previous experience.

Key points

• Key points:
• The US and China lead the technological development of this tool globally, while Spain stands out for being above the world average in digital readiness.
• Financial institutions use this technology to improve their risk models, strengthen cybersecurity, prevent fraud, and automate routine internal tasks.
• It acts as a catalyst for innovation by reducing entry barriers for entrepreneurs and accelerating the design of new products in the market.
• Main risks include hallucinations, market concentration, and cyberattacks, which demands ethical governance and maintaining human supervision in critical decisions.

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