According to a Google study, 61 percent of jobs in the EU would be enriched by AI. Seven percent would be fully automated, which could increase GDP by trillions of euros.
Generative AI could add between 1.2 and 1.4 trillion euros to Europe’s gross national product. That is what Iplement Consulting Group, commissioned by Google, showed in a study. AI can lead to an increase in productivity, more free time through automation, and workers will be able to do other jobs. Already, 74 percent of European workers are seeing an increase in productivity thanks to AI, reports TechRepublic.
EU innovates less
Since 2010, productivity in Europe has been 20 percent lower than in the US. Europe also lags behind other countries in research and development, and AI. Only two percent of Europe’s gross domestic product (GDP) is spent on research and development, compared with three percent in the U.S. and more than five percent in South Korea and Israel.
By 2022, only 34 percent of European employers used cloud computing technology, crucial for AI development. In addition, Europe applied for only two percent of AI patents worldwide, compared with 61 percent in China and 21 percent in the US.
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Generative AI could increase Europe’s GDP by 1.4 trillion euros
Google recommends that Europe invest more in AI research, build AI infrastructures that run on renewable energy, and develop strategies that encourage AI adoption. So there is still much work to be done. Moreover, large companies were reluctant to bring their products to Europe. This was due to the many regulations imposed in the AI act. Meanwhile, more than a hundred companies have signed the pact.