The Banking Executive Magazine - July 2023 Issue

AI Revolution AI Revolution: The Dawn of the Labor-Less Economy the BANKING EXECUTIVE 16 ISSUE 175 JULY 2023 • AI is expected to greatly reduce labor demand, impacting numerous sectors. • AI-driven automation is projected to significantly increase global productivity. • The rise of AI may lead to increased unemployment, particularly among the youth. • Governments might respond to AI shifts with higher taxes and income redistribution policies. • Businesses will need to adjust strategies due to higher productivity and smaller labor forces.