Published on October 24, 2023, 11:41 am

Harnessing The Power Of Generative Ai: Opportunities And Risks For Portugal’S Economy

  • Generative AI has the potential to inject €15 billion into Portugal's economy, saving workers 80 hours per year and mitigating €690 million in cybersecurity risks. AI remains underutilized in Portugal, requiring bolder investments and faster internationalization. Ethical considerations and human oversight are necessary for responsible use of generative AI. Strong cybersecurity fundamentals are vital to navigate the risks effectively.
  • Generative AI Holds Potential to Revolutionize Portugal's Economy, but Challenges Remain

Generative AI has the potential to revolutionize Portugal’s economy, injecting a staggering €15 billion into the country’s GDP, according to a study commissioned by Google. This transformative technology can save each worker in Portugal an average of 80 hours per year, equivalent to two weeks of work. It’s no wonder that 86% of workers in Portugal believe that generative AI tools will make them more productive, with office workers showing an even higher level of confidence at 91%.

But the benefits of AI in Portugal extend beyond productivity gains. The study also highlights that implementing AI could help mitigate €690 million in cybersecurity risks, which is becoming increasingly important as cyber threats continue to escalate.

However, despite these promising potentials, AI remains underutilized in Portugal. Bernardo Correa, Google’s Portugal director, believes that entrepreneurs need to be bolder in their investments and embrace internationalization faster to seize this transformational opportunity. Currently, Portugal lags behind in technological advancements, particularly in e-commerce. To catch up with global standards, investments in AI and other technological advancements are crucial.

While generative AI offers immense benefits, it also comes with risks. Ethical considerations must be taken into account when harnessing the power of AI. The study emphasizes the necessity of human oversight to ensure responsible use.

KPMG conducted a separate study that echoes these sentiments and highlights how generative AI can both bolster and hinder cybersecurity efforts. Canadian businesses see generative AI as a double-edged sword: it can enhance security measures but also embolden criminals and increase vulnerability to cyberattacks. Strong cybersecurity fundamentals are therefore vital to navigate the risks associated with generative AI effectively.

In conclusion, the studies commissioned by Google and KPMG shed light on the enormous potential generative AI holds for driving economic growth, increasing productivity levels, and enhancing cybersecurity. However, they also emphasize the challenges and risks associated with this powerful technology. To fully capitalize on the benefits and effectively navigate the hurdles, bold investment in AI tools and a strong focus on cybersecurity fundamentals are key.


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