German Central Bank President Nagel: The use of AI is an important part of improving productivity

Nagel, president of the German central bank, said that generative artificial intelligence is considered to have great opportunities for productivity improvement. The current development trend of AI is that the computing power required doubles every 100 days. Today, AI can solve increasingly complex tasks and achieve better and better results. However, the assessment of the overall economic productivity improvement that AI can achieve varies, because it depends on many aspects, first of all, which tasks can be automated or supported by AI. The impact of AI on productivity depends largely on the importance of tasks that AI performs or supports independently in the overall economy, as well as the speed of AI use and the occupational fields involved. (Jinshi)