JP Morgan: “automation will increase global GDP by $1.1 trillion”

JPMorgan experts believe that technological progress will increase productivity and, consequently, to economic growth. In 10-15 years the world GDP will grow by an amount comparable to the GDP of Australia or Mexico.

Analysts of the Department of asset management of JPMorgan published a report which described the potential impact of automation on productivity and the economy. “The impact of technology on economic growth and the capital market is even hard to assess”, — experts say in the document, caught in the disposal Business Insider.

The study authors suggest that automation will boost productivity. This pattern is evident throughout history. Each technological breakthrough has led to a number of the same transformations. So, some of the workers were replaced by machines — as a result, to perform the same amount of work was required less labor.

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Automation also increases the productivity of each employee individually and allows him to perform more tasks. And finally, technological progress creates new industries with high performance, which set the balance on the labour market.

The combination of all these factors, experts say JPMorgan, will lead to the growth of world GDP. At the moment the figure is $75,6 billion. But in 10-15 years the GDP will increase by 1% to 1.5%, that is about $1 trillion. Estimated BI is comparable to the entire GDP of Mexico or Australia in 2016.

The WEF forecasts, by 2020, robots will deprive 5 million people in 15 countries in both developed and developing economies. Some experts suggest that this will lead to a shortage of jobs and the formation of “extra class”. Others, however, believe that automation will boost the economy and create new industry.

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One of the unexpected effects of automation in the past year, wrote a group of Dutch and German scientists. They found that the automation of work though, and reduces the number of jobs, but at the same time makes the goods cheaper, and increases the purchasing power of citizens and creates new jobs in other industries. So, in the European Union automation has destroyed 9.6 million jobs, but at the same time created 8.7 million due to the growth of demand for goods.

Increasing the productivity of natural transformirovalsya to GDP growth. Analysts at consultancy firm PwC predicts that by 2030, artificial intelligence technologies to increase the world GDP by 14%. The greatest benefit from it will be the world’s largest economy, the US and China.

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