Artificial Intelligence Boosts Productivity in Key Sectors, Paving the Way for Economic Growth

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According to a report by accountancy firm PwC, industries most inclined to utilize artificial intelligence (AI) are experiencing a surge in worker productivity nearly five times faster than other sectors. PwC highlighted that productivity in professional and financial services, as well as in information technology, grew by 4.3% between 2018 and 2022, compared to a mere 0.9% in sectors such as construction, manufacturing, retail, food, and transport.

This data suggests a promising potential for AI to catalyze economic growth by breaking the cycle of low productivity. Carol Stubbings, leader of PwC Global Markets and Tax & Legal Services, noted that sectors demonstrating high productivity growth also witnessed a rise in job advertisements for individuals with AI skills. This correlation implies that AI contributes significantly to the enhanced productivity observed in these sectors.

Moreover, Stubbings highlighted the role of generative AI in further accelerating productivity growth. Generative AI, which can be utilized by professionals without specialized AI expertise, is expected to drive even greater productivity gains in the future. However, Stubbings emphasized the challenge posed by the rapid pace of change associated with AI adoption, particularly generative AI.

The transformative impact of AI on the labor market has also been acknowledged by international organizations. Kristalina Georgieva, the head of the International Monetary Fund, recently likened AI’s influence on the global labor market to a “tsunami,” predicting that it could affect up to 60% of jobs in advanced economies within the next two years.