Generative AI: Key to increase economic growth

Generative AI: Key to increase economic growth

effects of generative artificial intelligence on the labor market

The use of generative artificial intelligence (AI) in companies is seen as the key to increasing economic growth. The Federal Association of German Volksbanks and Raiffeisenbanken (BVR) emphasized the role of this innovative technology in its economic report. The BVR chief economist Dr. Andreas Bley was optimistic about the possibility that generative AI could double the potential growth in Germany.

growth lever for the corporate landscape

Currently, potential growth is around 0.5 percent. Dr. Bley mentions that with a broader use of generative AI in the company, this number could increase to up to 1 percent. However, this presupposes that companies are able to effectively implement the technology. Many companies have already recognized the possibilities of generative AI, but the step towards actual application is behind the expectations. It is urgently needed that companies receive the support they need to find ahead on this digital path.

specialist shortage and automation

A central problem in Germany is the increasing work and skilled workers. The BVR report emphasizes that generative AI can not only increase productivity, but can also be a means of alleviating the pressure in the labor market. One of the essential strengths of this technology is your ability to automate routine work. Not only can employees be relieved, but also new resources for creative and more demanding activities open up.

differentiated automation potential

The effects of the generative AI are not equally strong in all professional fields. Various industries and professions benefit differently from this technology. Highly qualified knowledge areas in particular have high automation potential. Christian Schäfer, Head of the AI competence center at the BVR, pointed out that professions with a high degree of digitization will benefit particularly. On the other hand, professions that are strongly shaped by interpersonal interaction are less able to be relieved significantly by generative AI.

a holistic approach necessary

Although generative AI can tackle some of the challenges of the labor market, it is not the sole solution to the professional problem. Dr. Bley makes it clear that additional measures are required to further raise the employment potential. This includes in particular the creation of better work incentives and the promotion of qualified immigration to close the gaps in the workforce.

conclusion

generative artificial intelligence offers Germany an opportunity to get out of stagnation and to promote economic growth in the long term. In order to fully exploit this potential, companies have to be encouraged and supported. The future of the world of work depends on the successful integration of these technologies into corporate practice.

For detailed information, the current economic report of the BVR can be viewed on the website www.bvr.de , under the area of publications and economy.

- Nag