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AI as a productivity shock: automation, transformation of work and speed of adoption

The report “The Potentially Large Effects of AI on Economic Growth” by Goldman Sachs frames the debate around artificial intelligence in macroeconomic terms. According to its estimates, generative AI could increase global GDP by approximately 7% over the next decade and raise annual productivity growth by around 1.5 percentage points in advanced economies. Beyond the aggregate magnitude, however, the key question is how this impact will be distributed across sectors and organizations, and how it will reshape the way work is structured within companies.

One of the report’s most striking findings is that up to two-thirds of jobs in advanced economies could be exposed, to some degree, to partial automation. 

A quarter of tasks across jobs could be automated by AI1 

The analysis shows that the impact is concentrated particularly in administrative and cognitive tasks, unlike previous technological revolutions that primarily affected manual or industrial work. In many cases, this does not imply the direct replacement of jobs, but rather a gradual transformation of roles and internal processes. 

In this context, the report highlights that the main effect of generative AI may lie in the automation of repetitive tasks, such as drafting documentation, conducting preliminary data analysis, or handling certain standardized customer interactions, thereby freeing up time for higher-value activities. If managed effectively, this shift could lead not only to greater efficiency but also to higher productivity per employee and improvements in the quality of work performed. 

However, the overall economic impact will depend to a large extent on the speed at which these technologies are adopted and on investment in complementary capital, including technological infrastructure, software, and workforce training. As with previous technological advances, from the introduction of electricity to the adoption of the personal computer, the full potential of the technology may take years to appear in productivity statistics if organizations do not adapt their processes and structures to make effective use of it.

You can read Goldman Sachs’ full report here.

Notes.

Note 1. Source: Goldman Sachs Global Investment Research.

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