A.I. could spur global growth as much as the steam engine did, study shows

He noted that China's labor productivity is below the global average, while the economy is transitioning to one reliant on consumption. Seong said he expects AI to have a significant impact in sales and marketing, which could boost consumer spending. He also predicted AI will produce notable returns for supply chain and manufacturing businesses. The McKinsey report laid out how AI will likely impact the economy through multiple channels, including helping or augmenting human labor, substituting it, expanding available products and services, increasing global data flows and creating wealth. But the report noted the implementation of the technology will likely incur a range of corporate and societal restructuring costs, as well as disrupt employment, reducing consumption.