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A recent report from Accenture reveals that generative artificial intelligence (GenAI) could significantly enhance Ireland's economy, potentially adding €148 billion to the annual GDP by 2038. The public sector is expected to benefit the most, with GenAI capable of improving 42% of working hours, leading to a productivity increase of up to 18%. This growth could elevate Ireland's average annual GDP growth rate from 2.5% to 3.9%, marking a substantial boost in the nation's economic trajectory.
The report emphasizes the need for collective action among government, business, and academia to harness the full potential of GenAI. Key challenges include a deployment gap, skills gap, and trust gap, which must be addressed to realize the economic benefits. Accenture outlines five strategic steps for leaders to integrate AI responsibly and effectively, ensuring that Ireland can lead in AI-driven innovation.
• GenAI could add €148 billion to Ireland's GDP by 2038.
• 42% of public sector working hours could be enhanced by GenAI.
Generative AI refers to algorithms that can create new content, enhancing productivity across various sectors.
A productivity boost indicates an increase in output per hour worked, particularly in the public sector.
An AI-skilled workforce is essential for leveraging GenAI technologies effectively in various industries.
Accenture is a professional services company that conducted the report highlighting GenAI's economic potential for Ireland.
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