The report reveals that sectors in the global economy most impacted by artificial intelligence (AI) have experienced significant productivity increases, leading to substantial wage premiums.
A study by PwC suggests that economies with high AI integration have experienced nearly five times faster productivity growth, sparking optimism for a recovery from a 15-year period of low growth.
In the UK, jobs requiring AI skills are growing 3.6 times faster than the overall job market, with employers willing to pay a 14% wage premium for such roles, especially in sectors like legal and information technology.
Since the introduction of ChatGPT in late 2022, discussions about the impact of AI on employment have intensified. PwC notes that AI has been influencing the job market for over a decade, with a significant increase in job openings for AI specialist roles and other positions.
PwC’s 2024 Global AI Employment Barometer indicates that companies are turning to AI to address the scarcity of available workforce.
According to the report, the rise in AI-related jobs suggests that advancements in generative AI do not necessarily translate to job losses. Contrary to predictions of a job “apocalypse,” AI adoption could help meet the labor demands of economies facing declining working-age populations.
Barrett Kuperian, Chief Economist at PwC UK, emphasized the transformative potential of AI in creating new industries, reshaping job markets, and boosting productivity growth. The current AI adoption, concentrated in select sectors, has the potential to revolutionize future possibilities as technology spreads across various sectors.
Source: www.theguardian.com
