The impacts of artificial intelligence (AI) could lead to the most rapid productivity and economic growth in a generation. As Vanguard Global Chief Economist Joe Davis explains, AI is expected to support most professions by improving efficiencies and allowing workers to focus on higher-value responsibilities.
This Q&A is one in a series featuring Davis’s research on megatrends and the future impact that AI could have on productivity and the U.S. workforce. For more insights, visit our Megatrends hub.
Takeaways:
Widespread impact on jobs: AI is expected to positively impact about 80% of all jobs in the next decade, enhancing job functions rather than replacing jobs entirely.
AI as a copilot: AI is expected to act as a supportive tool across various professions, improving efficiency and allowing workers to concentrate on more strategic tasks. This applies to a majority of occupations.
Boost in productivity: Recent years have seen low productivity growth, partly due to a lack of automation. By 2035, AI integration could increase productivity by 20%, potentially raising annual GDP growth to 3% in the 2030s.
Fastest economic growth since the late 1990s: The productivity gains from AI could produce the fastest productivity and economic growth in a generation, significantly enhancing U.S. productivity and economic standards.
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