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SEA study – Deloitte: The impact of Creative Artificial Intelligence on the Greek economy

The global evolution of AI has created the conditions for improving everyday life, not only of citizens, but also of states and businesses. Creative Artificial Intelligence (Gen AI) is an industry of Artificial Intelligence, capable of creating original content with the potential for autonomous learning.

In this context, during the work of the Hellenic Association of Information Communications Undertakings (SEPE): “Digital economy forum 2023: Shaping Greece’s Digital Future’, the study “The impact of Gen AI on the Greek economy” was presented, carried out on behalf of the APR by Deloitte’s Advisory Services Department, with the support of the National Centre for Documentation and Electronic Content (ECB).

The study highlights how Creative Artificial Intelligence has already affected or is expected to affect how Greek businesses operate, both in the ICT sector and in other sectors of the economy, quantifying the impact of Gen AI on the Greek economy and the gap between the supply and demand of ICT specialists. At the same time, the extent to which Gen AI has had on the national economy and the employment of ICT specialists is assessed.

Based on the study on the impact of Gen AI on the country’s GDP, its impact is projected to be very significant, with its cumulative impact estimated at +5.5 % of the country’s GDP by 2030 (i.e. EUR 10.7 billion) and which, under specific circumstances, could even reach + 9.8 %. It is worth noting that around 50 % of this impact is estimated to come from 5 sectors of the economy: Financial and Insurance Services, Wholesale Trade, Manufacturing, Service Provision and Information Communication.

The survey shows that the take-up of Gen AI by Greek businesses in all sectors of the economy is still at an early stage, with around 15% of the companies surveyed replying that they have begun to experiment with this advanced digital technology, although 8 out of 10 companies believe that adopting Gen AI solutions can improve efficiency and boost their development. In addition, 2 out of 3 digital technology companies say that they have not yet adapted their strategy to integrate Gen AI solutions.

At the same time, 3 out of 5 companies in the sector estimate that the advent of Gen AI will create significant support needs for the other sectors of the economy, thereby exacerbating the challenge they face in finding qualified staff, as there is a significant gap between supply and demand for ICT specialists. Based on the survey, the skills missing mainly from existing staff are deep learning, neural networks and natural language processing.

It has been identified through a comprehensive methodological approach that the effect of Gen AI on the ICT specialists gap will be significant, with the projected gap between supply and demand increasing by ~ 25.500 positions cumulatively reaching ~ 83.000 positions by 2030.

The implementation of policy measures, leading to the reduction of the ICT specialty gap, is imperative. Focused and accelerated skills development programmes for STEM graduates and other non-STEM pathways leading to internationally recognised certifications are now of particular importance.

Gen-AI-Opportunities – and outlook – in –Greece – Entrepreneurship

Republication of text from the SEPR website