Artificial Intelligence Could Add 10% to U.K. GDP, PwC Says
(Bloomberg) -- Stop worrying that robots will steal your job. Artificial intelligence is actually set to boost to the British economy, according to PricewaterhouseCoopers LLP.
The majority of the U.K.’s economic gains over the period to 2030 will come from increasing consumer demand thanks to AI driving a greater choice of products, increasing personalization and making them more affordable over time, PwC research published Wednesday shows.
“While we expect that the nature of jobs will change and that some will be susceptible to automation, our research shows that the boost to U.K. GDP that AI-driven products and services will bring will also generate significant offsetting job gains,” PwC economist Jonathan Gillham said. “Automating the more mundane and repetitive aspects of people’s jobs will also increase the U.K.’s productivity and boost real wages.”
While Britain could see a 10 percent increase in gross domestic product through 2030, the nations likely to see the biggest upswings are China and North America, which will be boosted 26 percent and 14.5 percent, PwC said. It sees the biggest gains in the retail, financial services, and health care sectors.