Artificial Intelligence Boosts Productivity in Certain Sectors, Says PwC Report
According to a report by PwC, companies that are most likely to adopt artificial intelligence (AI) see their employees' productivity increase almost five times faster than in other sectors, which could stimulate the economy as a whole.
Between 2018 and 2022, productivity in the professional services, financial, and information technology sectors increased by 4.3%, while in the construction, manufacturing, retail, food, and transportation sectors, it only progressed by 0.9%, according to PwC.
The report also indicates that the rise of AI could help countries escape a period of low productivity growth, which would stimulate economic growth, wages, and living standards.
According to Carol Stubbings, Global Markets and Tax Leader at PwC, highly productive sectors showed faster job growth for individuals with AI skills than those without, suggesting that AI plays a role in the increased productivity of these sectors.
The PwC report tracked and analyzed over half a billion job postings from 15 wealthy countries and used data from the Organisation for Economic Co-operation and Development (OECD).
