Tags: ai | productivity | pwc

AI-intensive Sectors Surge in Productivity: PwC

AI-intensive Sectors Surge in Productivity: PwC
Microsoft manager Brett Ostrum shows a notebook and a tablet from the company's own Surface brand that are designed for use with artificial intelligence, on May 20 2024. Microsoft wants to make Windows PCs fit for the AI era. (Andrej Sokolow/AP)

Tuesday, 21 May 2024 09:01 AM EDT

The types of business which are most likely to use artificial intelligence are seeing growth in workers' productivity that is almost five times faster than elsewhere, raising hopes for a boost to the broader economy, accountancy firm PwC said.

Productivity in professional and financial services and in information technology grew by 4.3% between 2018 and 2022 compared with gains of 0.9% across construction, manufacturing and retail, food and transport, PwC said.

The data suggested that the rise of artificial intelligence could help countries to break out of a rut of low productivity growth which would boost economic growth, wages and living standards, PwC said in a report published on Tuesday.

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 the technology was likely to accelerate as companies increasingly deployed generative AI which can be used by non-AI specialists, she said.

"The challenge with AI, and particularly generative AI, is the speed of the change," Stubbings said.

Last week the head of the International Monetary Fund Kristalina Georgieva said AI was hitting the global labor market "like a tsunami" and was likely to have an impact on 60% of jobs in advanced economies in the next two years.

The PwC report tracked and analyzed over half a billion job ads from 15 rich countries and used data from the Organisation for Economic Co-operation and Development.

It said jobs that require AI skills — including AI-specialist and non-specialist roles — carried a average premium of 25% in the U.S. and 14% in Britain.

© 2024 Thomson/Reuters. All rights reserved.


StreetTalk
The types of business which are most likely to use artificial intelligence are seeing growth in workers' productivity that is almost five times faster than elsewhere, raising hopes for a boost to the broader economy, accountancy firm PwC said.
ai, productivity, pwc
299
2024-01-21
Tuesday, 21 May 2024 09:01 AM
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