The accounting firm PwC reports that companies that are most likely to use AI are seeing labor productivity growth that is over five times faster than other industries, which is good news for the economy overall.
According to accounting firm PwC, businesses that are most likely to adopt artificial intelligence are witnessing productivity growth in their workforces that is nearly five times quicker than in other industries, which is encouraging news for the economy as a whole.
According to PwC, productivity increased by 4.3% in professional and financial services, as well as in information technology, between 2018 and 2022, while improvements of 0.9% were seen in the construction, manufacturing, retail, food, and transportation sectors.
According to data, nations may be able to overcome a period of poor productivity growth with the use of artificial intelligence, which would raise economic growth, wages, and living standards, according to a report released by PwC on Tuesday.
Leader of PwC Global Markets and Tax & Legal Services Carol Stubbings stated that job postings for individuals with AI skills grew more quickly in highly productive industries than in less productive ones, indicating that AI contributed to these sectors’ greater productivity.
According to her, as businesses employ generative AI more frequently—which is accessible to non-AI specialists—the trend of productivity growth brought about by the technology is expected to pick up speed.
“The challenge with AI, and particularly generative AI, is the speed of the change,” stated Stubbings.
Last week, Kristalina Georgieva, the chief of the International Monetary Fund, declared that artificial intelligence (AI) was coming for the global labor market “like a tsunami” and that in the next two years, it will probably affect 60% of jobs in advanced economies.
As generative AI becomes more widely used by organizations and is also available to non-AI specialists, the trend of productivity increases brought about by this technology is anticipated to accelerate, she said.
“The challenge with AI, and particularly generative AI, is the speed of the change,” said Stubbings.
The head of the International Monetary Fund, Kristalina Georgieva, said last week that artificial intelligence (AI) is expected to hit the global labor market “like a tsunami” and likely take away 60% of jobs in mature economies over the next two years.
Also read: Unveiling the Ethical Imperatives: Navigating the Intersection of AI and Cybersecurity
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