According to Bank of America, AI will contribute $15 trillion to worldwide GDP by 2030. The global economy is at an early stage of leveraging this new technology, with every industry striving to maximize productivity and reduce costs. While there are concerns about AI replacing certain jobs, the overall impact of AI is expected to be positive globally.

One significant way AI will contribute to the global economy is by increasing productivity. Workers across all industries will be able to produce more in less time, leading to substantial growth in output. For example, researchers will be able to find what they are looking for quickly using generative artificial intelligence (GAI). GAI helps machines articulate human language and communicate easily with users. As workers' productivity increases, GDP will grow accordingly.

Another way AI will boost the global economy is by reducing the cost of starting new businesses. The creation of new industries and businesses will drive economic growth. New businesses will lead to more hiring, subsequently reducing unemployment rates. Unlike in the past, businesses today don't need a large capital to start. AI can handle many tasks until these new businesses raise enough capital to hire more people.

The world is entering an exciting era where AI can perform heavy lifting for humans. This technology is likely to improve the standard of living for billions of people worldwide by increasing productivity. It will also make it easier for millions to start businesses by reducing the cost of doing business.