Generative artificial intelligence (GAI) is a technology capable of generating text, images, sound, and video based on given parameters or examples. An example of a GII is a program ChatGPT from company Open AIwhich can conduct a dialogue with a person on any topic.

Consulting company McKinsey & Company published report , which assessed the economic potential of the GII. According to the report, the application of GII in 63 areas of activity can increase global GDP by 2.6-4.4 trillion dollars a year. By comparison, the UK GDP in 2021 was $3.1 trillion.

The report takes into account only those cases that were analyzed in the study. If the GII is implemented in all existing software products and solve other problems, then its impact could double.

GII can help improve performance in 16 business functions and increase productivity in about 850 occupations. In particular, GAI has the potential to transform areas such as customer service, marketing and sales, software development, and research and development. However, no sector of the economy will be left without the attention of the GII.

The biggest beneficiaries of GII are the banking, technology and life sciences sectors. For example, the banking industry can increase its revenue by $200-340 billion a year, and retail and consumer goods by $400-660 billion.

GII can reduce employees’ working hours. Prior to ChatGPT, McKinsey estimated that AI could automate half of an employee’s work time. The company now believes that GII can replace 60 to 70% of work time. In addition, McKinsey raised its forecast for how much money the global economy can make with AI that does not create new content, but only analyzes and processes data. According to the company, such AI can give an increase in GDP in the amount of 11-17.7 trillion dollars a year.

However, GII also carries risks. Among the main dangers are the violation of intellectual property rights, the creation of unreliable or false content, the threat to the privacy and security of people. In addition, the GII “could have a significant impact on the workforce, and the impact on certain groups and local communities could be disproportionately negative.”

The highest levels of automation from the GII can be found in those professions that require a high level of education and specialized knowledge, which is different from previous technological breakthroughs that have affected low-paid and unskilled jobs more.

McKinsey says, “AI has the potential to dramatically change the way skilled and well-paid workers work due to advances in the technical automation of activities that were previously considered relatively resistant to automation.”