Artificial Intelligence Set to Boost Italy's Weak Labour Productivity, Central Bank Says
Central Bank Governor Highlights AI's Potential Impact on Italian Productivity
AI's Projected Contribution to Labour Productivity
ROME, May 29 (Reuters) - Artificial intelligence can significantly boost Italy's weak labour productivity, the country's central bank governor Fabio Panetta said on Friday.
• Panetta was speaking at the Bank of Italy's annual assembly.
Productivity Growth Scenarios
• He said under a slow-adoption scenario, AI could increase Italian productivity by 0.2 percentage points per year, and could raise it by more than one point per year assuming rapid and wide adoption.
Requirements for AI Innovation in Italy
Strengthening Financial Support
• To support AI innovation, Italy needs to strengthen venture capital and private equity industries, he said.
Current State of AI Adoption
• Currently, 30% of Italian firms use AI, but only around 5% use it intensively, Panetta noted.
International Comparison and Public Action
• The uptake of AI in Italy is low by international standards and public action is needed to increase it, he added.
Bank of Italy's Engagement with AI
• The Bank of Italy is in touch with leading global developers of AI technology and has recently launched talks with banks on its adoption, Panetta said.
(Reporting by Valentina Za and Giuseppe Fonte, editing by Gavin Jones)
