The growth rate of labor productivity in OECD economies declined from 2% in the 1970s-1990s to 1% in the 2000s, hindering income and wellbeing progress (Goldin et al. 2024).
AI has the potential to significantly boost growth rates by 1-1.5 percentage points over the next 10-20 years, although some experts expect more moderate impacts of about 0.1% per year on total factor productivity and GDP growth (Baily et al. 2023, Acemoglu 2024).
Recent OECD research discusses AI's impact on productivity, emphasizing policy roles in maximizing benefits (Filippucci et al. 2024).
AI is considered a general-purpose technology like past innovations, combining intangible inputs like skills and data with tangible ones to produce various outputs, potentially transforming economic activities (Agrawal et al. 2019).
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