The Economic Potential of Generative AI: The Next Productivity Frontier

Michael Chui – McKinsey & Company

Generative AI has the potential to add trillions of dollars in value to the global economy, with estimates of $2.6 trillion to $4.4 trillion annually across various use cases. It can significantly impact customer operations, marketing and sales, software engineering, and R&D, and will have wide-ranging effects across different industries. However, the technology will require investments in worker support and skills development to ensure successful integration and maximize productivity gains. Addressing ethical and security risks associated with generative AI is crucial to unlocking its full potential. Companies and leaders must act swiftly to harness the benefits while managing the risks.