According to estimates by the McKinsey Global Institute, artificial intelligence could bring at least EUR 15 billion in automation potential to the Hungarian economy by 2030, which corresponds to 6-7% of GDP, but the total impact on the national economy could be greater if increased productivity also enhances the economy’s regional competitiveness.
According to a summary sent to MTI on Tuesday, over the past decade and a half, employment in Hungary has risen to 81% and real wages have increased by more than 50% since 2008, but this structure has reached the limits of its potential.
The source of future growth will no longer be workforce expansion but productivity; the Hungarian economy must build on increasing productivity and innovation in the future, according to a forthcoming McKinsey study.
Currently, the main constraint on competitiveness is low value creation; the productivity of the Hungarian economy lags significantly behind both the EU and V4 averages. Behind this phenomenon lie low domestic value added, the development gap between large corporations and SMEs, and moderate innovation capacity. Artificial intelligence can help precisely in this regard, making economic actors more efficient and productive, says András Havas, a partner at McKinsey.
Márta Matécsa, a partner at McKinsey, noted in the press release that the study identified the strategic steps through which economic development based on artificial intelligence can be achieved.
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