A new study conducted by research firm PwC suggests that AI will add $15.7 trillion to the global economy in 2030.
Over the period of 2016-2030, labour productivity improvements are likely to account for over half of all economic gains from AI, whereas the increased consumer demand resulting from AI-enabled product enhancements will account for the rest.
China and North America are the two regions that will witness the greatest economic gains from AI. The former will provide 26% and the latter will give a 14.5% boost to the economy.
According to PwC, North America will see productivity gains much more early than China initially. This will be driven by readiness for AI and the high fraction of jobs that are susceptible to replacement by more-productive technologies. Gradually, China will gain momentum ahead of North America’s AI productivity gains in ten years. This will happen after China catches up on a slower build up to the technology and expertise needed.
At the same time, Europe and developed Asia will experience significant economic gains from AI (9-12% of GDP in 2030). Other developing nations will also see more modest increases (less than 6% of GDP) due to the much lower rates of adoption of AI technologies expected (including Latin America, Africa).
Overall, the biggest absolute sector gains will be in retail, financial services, and healthcare as AI increases productivity, product value and consumption. And by 2030, an additional $9 trillion of GDP will be added from product enhancements and shifts in consumer demand, behaviour, as AI driven consumption gains overtake those of productivity.
According to the analysis, this contribution is more than the current output of China and India combined.
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