IMF: AI Could Boost Europe's Productivity
A report from the International Monetary Fund concluded that artificial intelligence could increase Europe's productivity by approximately 1% over five years. However, risks include widening inequality gaps, pressures on power grids, and increased reliance on foreign technology. Nevertheless, completing the European Single Market may help distribute the benefits of AI more equitably among EU countries. The report also indicates that about 60% of workers in Europe are significantly affected by AI, with data centers expected to see a substantial rise in electricity consumption. This necessitates extensive investments in infrastructure and reducing technological dependence on external countries, especially given the dominance of the United States and China in developing AI models.
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