The World Bank's East Asia and Pacific April 2024 Economic Update noted that productivity growth among leading firms in the region lags that of leading global companies. The report blames impediments to competition, uneven skills among workers, and weak management for lagging productivity.
Based on the level and speed of productivity growth during the rise of IT in the 1990s, EY estimates that GenAI has the potential to lift productivity growth by between 50% to 100% in the coming decade.
Asia is primed to capture the productivity opportunities from generative AI. Asians are digital natives, with the region's large, growing-and young-populations leapfrogging other regions to embrace digital services.
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