The economic opportunity of generative AI in Greece

Capturing the next wave of benefits from generative AI

11 April 2024

Generative AI will boost global economic growth in the coming decade. It can increase productivity and boost Greece’s competitiveness. Despite a weaker starting point, Greece can still reap great benefits from AI by investing in skills, promoting innovation and ensuring clear rules.

An Implement Consulting Group study commissioned by Google has estimated generative AI’s GDP contribution and implications on jobs in Greece. Capturing the full potential of generative AI, however, depends on a number of drivers of AI adoption – from a robust operating environment to the availability of skilled AI practitioners.

Key findings of the study

  • Economic opportunity: Generative AI could boost Greece’s GDP by EUR 10-12 billion, amounting to +6% GDP over ten years if widespread adoption is achieved.
    The gains come from three sources, including productivity increases from people working with generative AI, freed-up time from generative AI’s automation potential and the re-employment of time for other value-creating activities.
  • Job implications: In Greece, 62% of jobs are expected to work together with generative AI, 32% of jobs are likely to remain unaffected by generative AI, and only 6% of jobs are deemed highly exposed to generative AI, leading to some job closures. However, new jobs in the AI-powered economy are expected to replace those lost due to automation, resulting in unchanged employment levels.
  • Key sectors benefitting: 80-85% of generative AI’s economic potential lies in service sectors.
  • AI readiness: Greece is behind comparable countries in foundational AI adoption drivers for a safe and reliable AI-ready environment and would benefit from stronger strategies, improved data and AI operating environment, and further investments in digital infrastructure.