What if AI made the world’s economic growth explode? | AI is radically changing entry-level job…

Explore the latest developments concerning What if AI.

What if AI made the world’s economic growth explode?

Unlock unlimited access to all our award-winning journalism, subscriber-only podcasts and newsletters

Unlock unlimited access to all our award-winning journalism, subscriber-only podcasts and newsletters

UNTIL 1700 the world economy did not really grow—it just stagnated. Over the previous 17 centuries global output had expanded by 0.1% a year on average, a rate at which it takes nearly a millennium for production to double. Then spinning jennies started whirring and steam engines began to puff. Global growth quintupled to 0.5% a year between 1700 and 1820. By the end of the 19th century it had reached 1.9%. In the 20th century it averaged 2.8%, a rate at which production doubles every 25 years. Growth has not just become the norm; it has accelerated.

AI is radically changing entry-level jobs, but not eliminating them

To join the CNBC Technology Executive Council, go to cnbccouncils.com/tec

The ongoing rise of artificial intelligence is having a significant impact on many types of jobs, particularly entry-level positions and especially on roles that involve lots of automation. And while AI might not be eliminating a large percentage of early career jobs, as recent headlines have proclaimed, it certainly is changing them in a big way.

"AI is reshaping entry-level roles by automating routine, manual tasks," said Fawad Bajwa, global AI, data, and analytics practice leader at executive search and leadership advisory firm Russell Reynolds Associates. "Instead of drafting emails, cleaning basic data, or coordinating meeting schedules, early-career professionals have begun curating AI-enabled outputs and applying judgment."

If youth don’t want a blue-collar future, they need to wake up now

Artificial intelligence is rapidly transforming industries globally, with significant investments in research and development. While the US and China lead the AI race, India risks falling behind due to a lack of focus on innovation and over-reliance on importing technology

Copyright © 2024 Bennett, Coleman & Co. Ltd. All rights reserved. For reprint rights: Times Syndication Service.

For more detailed information and comprehensive insights, explore recent updates concerning What if AI.

For more news, visit: For more news…