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How Generative AI Could Impact the Economy, Jobs, and Education

Whether we embrace it or not, generative AI is rapidly advancing. With just an internet connection, anyone can access AI tools capable of answering questions, writing essays, coding, and creating art or realistic images. While the debate rages on about its potential to lead to super-intelligent AI, the current capabilities of generative AI have the power to significantly reshape various aspects of our lives including the economy, jobs, education, and culture in the next five to 10 years.

Experts predict that generative AI will have a positive impact on economic productivity and growth in advanced economies. Goldman Sachs released a report in March projecting that within a decade, generative AI could increase annual global GDP by 7%, equivalent to a $7 trillion growth. The report suggests that the combination of saving on labor costs, creating new jobs, and improving productivity for non-displaced workers could result in a productivity boom similar to those experienced with past technologies such as the electric motor and personal computer.

The belief is that AI will enhance the productivity of knowledge workers, including scientists, editors, lawyers, and doctors, within a few years. However, accurately predicting and evaluating this impact is challenging, particularly due to the difficulty in measuring the output of these professions.

While there is concern about the impact of generative AI on employment, it may differ from previous waves of automation, according to Avi Goldfarb, an expert in the field.

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