AI-Intensive Sectors Show Surge In Workers’ Productivity, Says PwC

Artificial intelligence (AI) is boosting workers’ productivity almost five times faster than elsewhere in the economy, according to PwC. Productivity in professional and financial services and information technology grew by 4.3% between 2018 and 2022, compared to 0.9% across construction, manufacturing, retail, food, and transport. 

This suggests that AI could help countries break out of a rut of low productivity growth, boosting economic growth, wages, and living standards. Carol Stubbings, leader of PwC Global Markets and Tax & Legal Services, said highly productive sectors had faster growth in job ads for people with AI skills than without, suggesting AI played a role in these sectors’ higher productivity. 

The trend of productivity growth generated by AI is likely to accelerate as companies increasingly deploy generative AI, which can be used by non-AI specialists. The International Monetary Fund’s head, Kristalina Georgieva, said AI is hitting the global labour market “like a tsunami” and is likely to impact 60% of jobs in advanced economies in the next two years.

(With inputs from Shikha Singh)

You need to login in order to Like