Comment on Google outlines how EU could add over $1 trillion to its GDP with AI

Google outlines how EU could add over $1 trillion to its GDP with AI

Google has launched an ‘AI Opportunity Agenda’ which gives recommendations for how European governments can harness AI to drastically boost their economic output. Research by Implement Consulting Group, commissioned by the search giant, suggests that AI can boost the continent’s economic growth, competitiveness and productivity. The report estimates that generative AI “could add €1.2-1.4 trillion ($1.3- $1.6 trillion) to the EU’s GDP in 10 years – the equivalent to an annual growth rate of 8%.” This comes after former Italian Prime Minister and renowned economist, Mario Draghi, published a paper detailing how Europe’s competitiveness has nosedived over the past few decades, with the EU’s share of global GBP having shrunk from over a quarter in 1980 to just 17% today. US productivity surpassed the EU’s by 20% in 2022.

 

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