Bangladesh, April 28 -- Artificial intelligence has arrived with extraordinary expectations attached to it. Many in the technology sector argue that it will unlock a new era of economic expansion, comparable to-or even exceeding-the productivity surge driven by the personal computer and the internet. Enthusiasts point to rapid improvements in generative models, rising corporate adoption, and early efficiency gains in selected industries as evidence that a broad productivity acceleration is imminent.

Yet the historical and empirical record so far suggests a more restrained conclusion. Despite impressive technical progress, there is limited evidence that AI is currently translating into sustained, economy-wide productivity growth. In fact,...