In a recent report by PwC, sectors heavily reliant on artificial intelligence are witnessing a significant surge in productivity, offering hope for a broader economic upturn.
What Happened: The PwC report, released on Tuesday, highlighted a remarkable 4.3% increase in productivity in professional and financial services and information technology from 2018 to 2022, Reuters reported.
This growth is nearly five times faster than the 0.9% recorded across construction, manufacturing, retail, food, and transport sectors.
The report suggested that the rise of AI could potentially break the cycle of low productivity growth, leading to an overall boost in economic growth, wages, and living standards.