Generative artificial intelligence in finance

The impact of Artificial Intelligence on productivity, distribution and growth

“…This is particularly pressing as the rapid adoption of AI occurs alongside tight labour markets, a situation that might be exacerbated by the ongoing shrinking of the working-age population (Andre, Gal and Schief, 2024 [92]). While there is no hard evidence available yet about the extent of AI-related skill shortages (if any) 31 , lack of skills is one of the most common barriers to adoption reported by firms in cross-country surveys (OECD, 2023 [93]). This is particularly the case given the special needs of AI related jobs: in 2022, US job vacancies requiring technical skills were almost five times higher in top-AI than for non-AI jobs (Figure 14).…”

AI, data governance and privacy

“…In likely the best-known example, the European Union's Artificial Intelligence Act (the 'EU AI Act') outlines a risk-based regulatory approach to the use of AI systems, including areas of high-risk, for example threats to European values such as privacy and data protection (European Parliament, 2024 [2]). G7 Digital and Technology Ministers have also put AI high on their agendas through the G7 Hiroshima Process on Generative AI (OECD, 2023 [3]), emphasising the need to protect human rights, including the right to privacy. Individual countries have also taken actions.…”