Bundesbank President Nagel: The use of AI is an important component in increasing productivity

ChainCatcher news, according to Jinshi reports, the President of the German Central Bank, Nagel, stated that generative artificial intelligence is considered to have particularly significant opportunities for productivity enhancement. The current trend in AI development is that the required computing power doubles every 100 days. AI can now solve increasingly complex tasks and achieve better results.

However, assessments of the overall economic productivity enhancement that AI can achieve vary, as this depends on multiple factors, primarily which tasks can be automated or supported by AI. The impact of AI on productivity largely depends on the importance of the tasks that AI can independently execute or support within the overall economy, as well as the speed of AI adoption and the occupational fields involved.