At the event organized by Google Turkey today, Country Manager Mehmet Keteloğlu stated that artificial intelligence offers an important opportunity for the global economy and societies. Keteloğlu said that according to McKinsey research, half of the economic growth in the last 50 years has been driven by demographic factors and half by technological transformations. So what did he say about Turkey?
Gross domestic product could increase by more than 5 percent
Keteloğlu stated that productivity growth is the biggest potential for global economic growth in a period when labor force participation will stagnate or even decline in the coming years, and emphasized that artificial intelligence technology will play an important role in this increase.
Keteloğlu summarized Google’s goals in the field of artificial intelligence under four headings:
- Improving knowledge and learning
- Increase creativity and productivity
- To increase innovation and enable everyone to innovate using these platforms.
- Developing technology with a sense of responsibility
Keteloğlu emphasized the importance of developing AI responsibly, especially through regulation and guidance.
Creative solutions will drive small businesses
Stating that Google recently launched many products in line with these goals at the Google AI event, Keteloğlu cited AI Overview, which offers a new search experience, and Imagen Video, which produces visual content with text inputs, as examples. Keteloğlu stated that these products will enable even small tradesmen to produce creative solutions.
Keteloğlu emphasized that Google aims to make AI technology accessible to everyone and provide social benefits. Separate research suggests the potential for an annual increase of over 5 percent in Turkey’s GDP, or an economic contribution of 1.2 to 1.4 trillion Turkish liras, if productive AI is widely used. By increasing production capacity, AI can reduce price pressures and contribute to welfare growth.
The potential of artificial intelligence (AI), particularly generative AI to drive economic growth
Eva Rytter Sunesen / Implement Consulting Group Partner and co-founder highlighted the potential of artificial intelligence (AI), particularly generative AI, to drive economic growth. While AI has existed since the 1950s, recent advancements have led to much faster and wider adoption than previously thought.
Generative AI is a subset of AI designed to create original content, including text, video, audio, and code. The speaker characterized generative AI as a general-purpose technology, emphasizing its both powerful and user-friendly nature. This accessibility means it can be utilized by both large and small companies, as well as individuals, with minimal barriers to entry.
Due to this accessibility, economists and international banks are raising long-term growth projections for countries adopting generative AI early and rapidly. The speaker pointed out initiatives that could help Turkey become one of these countries, stating that they presented their own assessment of how Turkey can benefit from generative AI’s economic opportunities in their reports.
The speaker explained that there are many ways to measure the economic opportunities of generative AI, but they chose a methodology focused on its strong ability to help people complete tasks more efficiently and effectively. This methodology is based on established research, allowing for consistent comparisons across countries.
The speaker revealed their prediction that widespread adoption of generative AI over the next 10 years could increase Turkey’s GDP by 5%. This adjustment is expected to occur gradually, with benefits both before and after the 10-year mark. At its peak, the technology is estimated to contribute between $1.2 trillion and $4.4 trillion to Turkey’s GDP.
These calculations are based on a scenario where about half of all companies begin using generative AI within the next decade. The economic gains will primarily come from three channels:
- Increased productivity within companies: Generative AI will boost productivity for workers who remain in their current jobs and utilize the technology to perform their tasks more efficiently. This productivity increase is estimated to account for 90% of the total economic opportunity generated by generative AI.
- New job opportunities: Workers whose jobs are partially or fully automated will have time to focus on other tasks, leading to the creation of new job opportunities.
- Innovation and the creation of new products and services: Generative AI will support innovation and lead to the development of new products and services.
It is estimated that 55 percent of Turkey’s total employment of 31 million will work with productive AI. While some jobs are expected to disappear with the spread of AI-supported automation, it is also likely that new job fields will emerge.
47 percent of workers believe that productive AI will positively impact their jobs. In an AI-driven economy, unemployment levels are expected to remain unchanged thanks to the new jobs that will replace the jobs that will close due to automation. So AI will not take our jobs away. On the contrary, it will lighten our burdens and new jobs and employment opportunities will emerge.
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