AI Seen As Major Productivity Booster, Says German Central Bank Chief

According to PANews, German Central Bank President Joachim Nagel has highlighted the significant potential of generative artificial intelligence (AI) to enhance productivity. Nagel noted that the computational power required for AI development is doubling approximately every 100 days, reflecting the rapid advancements in the field. AI is now capable of tackling increasingly complex tasks and delivering better results. However, the overall impact of AI on economic productivity varies widely, depending on several factors. These include the types of tasks that can be automated or supported by AI, the importance of these tasks within the broader economy, the speed at which AI is adopted, and the professional fields involved.