LONDON (Reuters) – Industries most likely to use artificial intelligence are growing employee productivity almost five times faster than other industries, according to accountancy firm PwC, and the overall economy It is said that there are high expectations for a boost in sales.
From 2018 to 2022, productivity in professional services, financial services, and information technology increased by 4.3%, compared to 0.9% across construction, manufacturing, retail, food, and transportation, according to PwC.
Data suggests the rise of artificial intelligence could break countries' vicious cycle of low productivity growth and boost economic growth, wages and living standards, PwC said in a report released Tuesday. said.
Carol Stubbings, leader of PwC's Global Markets and Tax and Legal Services practice, said job postings in high-productivity sectors are growing faster than those without AI skills, and productivity gains in these sectors. It has been suggested that AI plays a role.
As more companies adopt generative AI, which is accessible to non-AI experts, the trend in productivity gains brought about by this technology is likely to accelerate, he said.
“The challenge with AI, especially generative AI, is the speed of change,” Stubbings says.
Kristalina Georgieva, head of the International Monetary Fund, said last week that AI is hitting global labor markets “like a tsunami” and is likely to affect 60% of jobs in developed countries over the next two years.
PwC's report tracked and analyzed more than 500 million job advertisements from 15 rich countries, using data from the Organization for Economic Co-operation and Development.
It said the average premium for jobs requiring AI skills, including AI specialist and non-specialist roles, was 25% in the US and 14% in the UK.
(This story has been re-edited to remove extraneous words at the top of the story)
(Writing by William Schomberg; Editing by David Milliken)
