Artificial Intelligence (AI) is emerging as a General-Purpose Technology, much like the steam engine in the 19th century, with the potential to profoundly reshape economies and labor markets.
This technology, which refers to computer systems capable of sensing their environment, thinking, and sometimes learning, has the potential to reshape economies and labor markets in profound ways. As AI continues to evolve and move from research labs into everyday applications, its ability to transform industries and daily life is becoming increasingly apparent.
Its integration into the workforce is driving economic expansion, creating new job opportunities, and significantly enhancing productivity. By automating repetitive tasks, AI enables employees to focus on higher-value work, driving innovation and enhancing job satisfaction. Additionally, AI-driven tools allow businesses to optimize operations, boosting overall efficiency and competitiveness.
AI adoption has also been closely linked to GDP growth. A study by Accenture on 12 advanced economies, which collectively generate over 50% of global economic output, predicts that AI could double annual global economic growth rates by 2035. This transformation will be fueled by three key factors: a substantial increase in labor productivity—potentially up to 40%—through workforce optimization; the emergence of a digital workforce capable of intelligent automation; and AI-driven innovations that will create new revenue streams and business models.
These economic advantages are particularly evident in sectors such as finance, healthcare, and manufacturing, where AI is revolutionizing processes and enhancing efficiency.
Especially in the manufacturing industry, AI-powered robots and maintenance systems are changing production lines by reducing downtime and improving supply chain management. These changes help businesses save money and increase efficiency, while also benefiting workers. In the automotive industry, for example, AI-powered systems improve assembly line precision, minimizing defects and material waste while accelerating production cycles. Additionally, AI enhances supply chain management by predicting demand fluctuations and optimizing resource allocation.
AI is also gradually being widely used in the financial industry: AI-powered algorithms are transforming fraud detection, risk assessment, and automated trading. By analyzing vast amounts of data in real time, AI enhances decision-making, allowing financial professionals to focus on strategic planning. A report by the European Parliament highlights that AI-driven financial services have significantly reduced operational costs while improving customer satisfaction through more precise risk assessments and personalized services.
Similarly, in healthcare, AI is improving patient outcomes and minimizing human errors. AI-powered tools help medical professionals detect diseases at earlier stages and develop personalized treatment plans. Additionally, AI accelerates drug discovery, reducing the time needed to develop new treatments and making healthcare more accessible. A notable example is an algorithm developed by Aldo Moro University and Bari Polytechnic, capable of detecting pathological changes in MRI scans linked to Alzheimer’s disease in its early stages. This innovation enables early intervention, significantly improving treatment prospects.
The widespread integration of AI across industries is proving to be a powerful catalyst for economic growth, workforce transformation, and productivity enhancement. While concerns about job displacement persist, AI is simultaneously creating new roles that demand advanced digital skills. Rather than replacing human workers, AI is augmenting their capabilities, fostering innovation, and reshaping traditional job structures.
To make the most of AI, governments, businesses, and educational institutions need to work together to prepare the workforce for the changing job market. Investments in retraining programs, lifelong learning, and policies that support fair AI adoption will be key to ensuring that technological progress benefits everyone, not just a few. Additionally, as AI becomes more widespread, it’s important to address the gap between those who are leading in technology and those who are falling behind. Without equal access to AI advancements, we risk a situation where only a few companies and countries benefit, while others struggle. As AI continues to grow, its potential to change industries and improve lives is huge. By welcoming innovation and tackling its challenges, societies can ensure that AI leads to progress, inclusion, and lasting economic growth.
