We’ve seen it before. Advances in technology have cost jobs, led to the decline of cities, and threatened our GDP. Should experts be making the same dire warning about AI?
Not necessarily.
According to a recent study by PricewaterhouseCoopers (PwC), by 2030 the global GDP will have increased by 26 percent due to AI alone. The PwC study predicts that the greatest economic gains from AI will be in China (26% boost to GDP in 2030) and North America (14.5% boost): equivalent to a total of $10.7 trillion and accounting for almost 70% of the global economic impact.
The World Economic Forum estimates that while some 85 million jobs will be lost through AI by 2025, 97 million new jobs will be created. That’s a net surplus of 12 million jobs.
Experts also predict that by 2035, productivity will increase by more than 35 percent in the United States due to AI.
The rise of the Internet 20 years ago caused all manner of concern. But instead of creating widespread unemployment, it created millions of jobs and now comprises 10 percent of the U.S. GDP. AI is poised to have an even greater impact on our economy. So buckle up and get ready for the ride.