Barclays Research, in collaboration with IBM’s Institute for Business Value, has unveiled a comprehensive report titled “AI Revolution: Productivity Boom and Beyond.”
This report delves into the potential of artificial intelligence (AI) breakthroughs to usher in a productivity surge akin to transformative technological shifts observed in the past.
In an era marked by shifting demographic patterns and sluggish productivity growth in advanced economies, the report aims to assess AI’s capability as a catalyst to revitalise productivity. Christian Keller, Head of Economics Research at Barclays, underscores the significance of AI in counteracting the decline in the skilled labour force and fostering economic growth in ageing societies.
Ana Paula Assis, Chair and General Manager of IBM EMEA, emphasises the pivotal moment where AI evolves into a multi-purpose technology. The report recognises AI’s potential to revolutionise workflows and processes across various sectors, impacting professionals with diverse skill sets.
Key Findings and Implications
Barclays’ Impact Series employs data-driven analysis to investigate economic, demographic, and disruptive changes influencing markets, sectors, and society. The report’s key findings include:
- AI-Led Boom in Developed Economies: The report suggests that AI could play a pivotal role in offsetting the productivity effects of shrinking working-age populations in developed economies.
- Impact on Emerging Economies: In contrast, emerging economies with expanding working-age populations may face challenges related to limited skills and education levels. The report explores the potential for AI to augment jobs in developing economies, leading to more productive workers and better-paid jobs.
- Policy Influence: The policies enacted by companies, industries, and regulators will significantly shape the realization and distribution of AI’s promised benefits. The report underscores the importance of strategic policymaking in harnessing AI’s potential.
“The world’s demographic patterns are shifting in unprecedented ways and productivity growth in advanced economies has been disappointingly low over the past two decades, despite rapid growth of the digital economy,” says Christian Keller, Head of Economics Research.
“Harnessing AI’s productivity gains has the power to offset the decline in the skilled labour force in advanced economies and allow ageing societies to achieve economic growth.”
The complete “AI Revolution: Productivity Boom and Beyond” report is available here.
