(29.05.2024) The global economy has weathered cyclical fluctuations well, yet growth remains sluggish. In Switzerland, GDP is projected to rise by 1.1% in 2024, according to the OECD. However, artificial intelligence has the potential to revitalize productivity growth and accelerate innovation.
The outlook from the Organisation for Economic Co-operation and Development (OECD) predicts that the global economy will grow by 3.1% in 2024, continuing the trend from 2023. Despite tighter monetary policies and geopolitical tensions, especially due to the war in Ukraine, global GDP growth has stayed above 3%.
Furthermore, the decision by central banks to tighten financing conditions has effectively countered inflation. Lower energy prices, improved supply chain conditions, and good food harvests have also alleviated the rise in consumer prices.
The inflation rate slowed to 6.93% in the OECD in 2023 (down from 9.53% in 2022) and is expected to decrease further to 5.03% in 2024. This decline is even more pronounced in the Eurozone, where inflation is projected to stabilize at 2.34% in 2024 (8.41% in 2022 and 5.4% in 2023).
Underlying inflation (which excludes the most volatile prices such as energy and food), has decreased overall. However, it remains stubbornly high in the services sector. In many countries, consumer prices have remained elevated compared to pre-pandemic levels.
The study's authors believe that artificial intelligence could significantly boost productivity growth and enhance innovation. The report highlights that these new technologies could lead to productivity gains of up to 90% in coding-related jobs, up to 55% in general writing, and around 40% in business consulting.
Last modification 29.05.2024
