AI will boost labor productivity in Mexico up to +6.4%
A study conducted by the consulting firm DuckerFrontier and commissioned by Microsoft Latin America, in a simulation of maximum adoption of Artificial Intelligence technology in the next 10 years, reveals that Mexico could increase its GDP growth rate from current projections of 2.4% average annual growth until 2030, to levels ranging from 4.6% to 6.4%.
Brad Smith, President of Microsoft, pointed out that technology can be a force multiplier that helps generate solutions to some of the biggest challenges facing our world today.
In terms of professions, highly qualified jobs could increase by 67% over the next decade.
In six of the seven largest sectors that were analyzed (Public Sector, Business Services, Commerce, Hospitality and Tourism, Construction, Manufacturing, Mining, Agriculture and Utilities), demand for highly skilled jobs could increase, where business services would require 8.9 million additional highly skilled workers (221% more jobs or the equivalent in working hours); manufacturing, 1.8 million (92%); and construction, 1 million (157%).
Some of the benefits of implementing AI in the country are that there will be better jobs, greater growth, and better profits. The jobs that will emerge from this technology are freelance car coaches, new generation architects, facial recreation specialist and data analyst of the Internet of things.
However, the challenges that the Mexican market will have to face are some points such as ensuring access to quality education for all, training all workers and ensuring access to cutting-edge technologies by all companies.
To define whether Mexico can achieve this additional annual growth by developing AI and maximizing the cascade of effects, DuckerFrontier developed the so-called AI Readiness Index, which is a measure that crosses the AI Development and Dissemination variables, and unites all factors related to implementation and its conditions (e.g., related policies, innovation environment, technology ecosystem and cybersecurity, human capital) with another equally important axis, called IA Benefit Sharing.
According to the AI Readiness Index, Mexico is in a strong position to accelerate the adoption of AI and to meet human capital needs. However, it also runs the risk of not making these benefits equitable for all of society because of its relatively weaker position with respect to its ability to guarantee equal access to higher education and new technologies for all population groups, regardless of income, gender or location.
Although Mexico has the opportunity to improve in the area of Participation of IA benefits, its position in the area of development and diffusion of IA among Latin American countries indicates that it is the second country best prepared to face the impact of IA on the economy.