A new report from Accenture has revealed that Generative Artificial Intelligence (Gen AI) could add up to €148 billion to Ireland’s GDP by 2038, marking a significant economic opportunity for the country. The report, titled Generating Growth: How Generative AI Can Power Ireland’s Reinvention, highlights the transformative potential of AI across various industries, predicting notable increases in productivity and efficiency.
Economic Impact and Growth Projections
According to the findings, the adoption of Gen AI could raise Ireland’s average annual GDP growth rate from a baseline of 2.5% to 3.9% over the 2023-2038 period. This represents a 55% boost to long-term economic growth. The report suggests that if organisations fully harness the productivity benefits of AI as cost savings, the potential gains could be monumental. Across all industries, total annual savings could amount to €22.2 billion.
The report identifies that within the public sector: AI could enhance 42% of working hours, leading to an 18% productivity boost and €2.9 billion in annual savings.
Workforce Sentiment and Adoption Challenges
Despite its potential, the adoption of Gen AI is met with mixed reactions in the Irish workforce. The report highlights that while 23% of workers view AI positively, 25% remain sceptical. Interestingly, generational differences play a role in perceptions:
- Baby Boomers & Gen X: 61% believe AI tools are crucial for productivity.
- Millennials & Gen Z: 73% see AI as essential to their work.
To fully capitalise on AI’s benefits, organisations must implement tailored engagement strategies that address concerns and promote widespread adoption.
Regulatory Considerations and Ethical AI Practices
As AI becomes more embedded in everyday life, concerns around governance, security, misinformation, and job displacement are growing. The report notes that regulatory frameworks, such as the EU AI Act, are addressing these issues, but businesses must also take responsibility by implementing robust AI ethics and governance practices.For organisations to successfully scale AI, they must build trust through responsible AI frameworks that ensure ethical decision-making and compliance with emerging regulations.
Hilary O’Meara, Country Managing Director at Accenture in Ireland, emphasised that Ireland is at a crucial turning point in its AI development, with the potential to contribute €148 billion to the country’s GDP by 2038. However, she stressed that realising this opportunity would require collaboration across government, businesses, and academia to cultivate an AI-ready workforce and drive responsible innovation.
“Given the remarkable pace at which gen AI is advancing and the size of the opportunity, we need to move quickly. Establishing a robust digital core, preparing the workforce and fostering a culture of continuous learning are essential and should be underscored by responsible principles to ensure data privacy, transparency, and fairness remain central in all implementations. There is enormous opportunity here and by acting with urgency, Ireland can position itself at the forefront of AI-driven innovation and growth,” she said.
The Path Forward: Ireland at a Crossroads
Ireland stands at a pivotal moment in its AI journey. The decisions made in the next 12 months will determine whether the country emerges as a leader in AI-driven economic transformation or falls behind global competitors. The report stresses that success depends on decisive actions across five key areas:
- Value Creation – Prioritising AI-driven innovation and economic impact.
- Secure Digital Core – Ensuring cybersecurity and data protection in AI applications.
- Workforce Transformation – Equipping workers with AI-related skills and fostering adaptability.
- Responsible AI – Establishing ethical AI practices and governance models.
- Continuous Reinvention – Embracing AI as an ongoing driver of transformation.
Accenture highlights that organisations embracing AI with urgency, responsibility, and a long-term vision are already reaping the rewards. However, time is of the essence. Ireland’s opportunity to lead in the AI revolution is now—failure to act decisively could see the nation miss out on this unprecedented economic transformation.
