LONDON – Barclays Research, in collaboration with IBM (NYSE:)’s Institute for Business Value, has released an Impact Series report titled “AI revolution: productivity boom and beyond.” The study delves into the potential of artificial intelligence (AI) as a catalyst for productivity increases across various industries and the economy at large.
The report suggests that AI could be the key to addressing the current productivity stagnation in advanced economies, which has persisted despite the growth of the digital economy. According to Christian Keller, Head of Economics Research at Barclays, AI’s potential to enhance productivity could counterbalance the effects of a shrinking skilled labor force in these economies and support economic growth in aging societies.
Ana Paula Assis, Chair and General Manager of IBM EMEA, highlighted the transformative nature of AI, which is now seen as a versatile technology capable of reinventing workflows and processes in numerous fields. She emphasized that AI could significantly benefit both tech-savvy professionals and those with lower or no technological skills.
The report underscores the differing impacts of an AI-driven productivity surge on developed and emerging economies. While it could help developed nations counteract the declining productivity associated with aging populations, emerging economies, with their growing working-age populations but often lower skills and education levels, could see AI as a means to enhance worker productivity and create better-paying jobs.
However, the realization of AI’s full benefits and their equitable distribution will heavily depend on the policies implemented by companies, industries, and regulators.
Barclays’ Impact Series leverages data to analyze changes affecting markets, sectors, and society. This latest report is part of the bank’s ongoing efforts to provide insights into economic and technological disruptions.
Barclays, a British universal bank, operates across consumer banking, payments, corporate and investment banking. The IBM Institute for Business Value serves as IBM’s think tank, offering technology-informed strategic insights to business leaders.
This article is based on a press release statement.
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