BOK: AI adoption could boost Korea’s GDP by 12%

A study found that introducing artificial intelligence (AI) could increase Korea’s gross domestic product (GDP) by up to 12%.

In its report “BOK Issue Note: Artificial Intelligence (AI) and the Korean Economy,” released on Monday, the Bank of Korea analyzed that Korea’s GDP could rise by 4.2–12.6% by 2050 if AI is widely adopted. The report suggests that productivity could improve by 1.1–3.2% over the same period, contributing to economic growth.

The report also highlighted concerns over labor shortages, stating, “Korea’s GDP is expected to decline by 16.5% between 2023 and 2050 due to labor shortages.” However, it was noted that AI adoption could significantly reduce this decline to around 5.9% by mitigating workforce shortages caused by aging and other demographic factors while also enhancing productivity.

Additionally, the report projected that AI adoption could further strengthen Korea’s semiconductor industry, predicting that semiconductor demand would double by 2030. “If Korea maintains its current 20% share of the global semiconductor market, semiconductor exports will increase significantly,” said Oh Sam-il, head of the Bank of Korea’s employment research team. “It could positively impact job creation and productivity in semiconductor-related industries.”


이동훈 dhlee@donga.com