AI can boost Italy's weak labour productivity, central bank chief says
FILE PHOTO: Bank of Italy Governor Fabio Panetta attends the G7 Finance Ministers and Central Bank Governors' Meeting in Stresa, Italy May 24, 2024. REUTERS/Massimo Pinca/File Photo
ROME, May 29 : 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.
• He said under a slow-adoption scenario, AI could increase Italian productivity by 0.2 per centage points per year, and could raise it by more than one point per year assuming rapid and wide adoption.
• To support AI innovation, Italy needs to strengthen venture capital and private equity industries, he said.
• Currently, 30 per cent of Italian firms use AI, but only around 5 per cent use it intensively, Panetta noted.
• The uptake of AI in Italy is low by international standards and public action is needed to increase it, he added.
• 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.
