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AI-intensive sectors show surge in workers’ productivity, says PwC

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AI-intensive sectors show surge in workers’ productivity, says PwC

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, 4.3% in information technology, and 0.9% in the building, manufacturing, retail, food, and transportation sectors between 2018 and 2022.

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 labour market “like a tsunami” and that within the next two years, it will probably affect 60% of jobs in developed nations.

The PwC analysis used data from the Organisation for Economic Co-operation and Development and tracked and examined almost half a billion job advertising from 15 wealthy countries.

According to the report, the average premium for employment requiring AI skills—both non-specialist and specialised roles—was 14% in the UK and 25% in the US.

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