The news: A new report by McKinsey Global Institute suggests that generative AI could add up to $4.4T annually to the global economy, representing around 4.4% of the total economic output. By comparison, the U.K.'s entire GDP in 2021 was $3.1T. The study predicts that generative AI, including chatbots like ChatGPT, could automate 60% to 70% of workers' time, leading to the automation of half of all work between 2030 and 2060. What the numbers say: McKinsey estimates that generative AI could add $2.6T to $4.4T in value across multiple industries. Greater adoption of the technology could boost productivity by 0.1% to 0.6% over the next two decades. Banking, high tech, and life sciences were among the industries that could see the biggest impacts from gen AI as a percentage of their overall revenues. Why it matters: Generative AI's impact on the labor force, especially among high-wage knowledge workers, challenges prior notions of automation. Unlike past technologies that affected lower-wage jobs, generative #Artificial Intelligence targets cognitive tasks, making higher-wage roles more vulnerable, according to McKinsey. Developed economies will experience faster automation, primarily impacting white-collar work. As the report predicts a reorganization of labor structures, McKinsey stresses the need to support workers in acquiring new skills and transitioning to different jobs. https://www.mckinsey.com/..