AI and the global economy: implications for central banks

Key takeaways 

• The AI boom is driving a large, increasingly debt-financed investment surge and boosting trade and equity markets, generating sizeable terms-of-trade and wealth effects that differ across countries.
• The productivity payoff from AI, though potentially large, remains uncertain and uneven, across both sectors and countries.
• By simultaneously affecting demand and supply, AI blurs cyclical signals, complicating central banks' assessment of underlying economic conditions and monetary policy calibration.

The views expressed in this publication are those of the authors and do not necessarily reflect the views of the BIS or its member central banks.