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Big Ideas 2024
FYI - For Your Innovation
Significance of Technological Breakthroughs on Real GDP Growth
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Historically, breakthroughs like the telephone, electricity, and internal combustion engine in the early 1900s led to a significant increase in real GDP growth rates. The average growth rate increased from 0.6% to 3% over the past 120 years due to these breakthroughs. Forecasters predict a decline in growth to 2.6% by 2040 but the speaker believes that with the advancements in AI and other platforms, there is potential for a substantial step function increase in growth, projecting an 8.5% growth rate. This stark difference challenges the conventional expectations of economists and analysts.
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