Bank of Canada says AI is not causing widespread job losses

Yesterday 09:46

The Bank of Canada stated that artificial intelligence has not yet caused large-scale job losses in the Canadian labor market, although officials expect the technology to continue transforming workplaces and professional tasks in the coming years.

Speaking during a business event in Ottawa, Deputy Governor Michelle Alexopoulos explained that the central bank is closely monitoring the impact of AI on employment and productivity across different sectors of the economy.

According to the Bank of Canada, current evidence suggests that artificial intelligence is mainly being used to assist workers and improve efficiency rather than completely replacing human employees on a broad scale.

The comments come at a time when major technology companies around the world are investing billions of dollars in artificial intelligence development. The rapid growth of AI technologies has sparked global debates about automation, future employment, and the possible transformation of industries.

Economic experts remain divided on the long-term effects of AI. Some believe the technology could generate major productivity gains and create new categories of employment, while others warn about the potential disappearance of certain jobs, especially those involving repetitive administrative or technical tasks.

Michelle Alexopoulos noted that early signs of productivity improvements linked to AI are beginning to appear, although the gains remain relatively limited for now. The central bank has already started integrating modest AI-related productivity expectations into some of its economic forecasts.

The Bank of Canada also highlighted that many professionals in the financial sector currently view artificial intelligence as a support tool for decision-making processes rather than a complete substitute for human expertise.

Analysts say the future impact of AI on employment will likely depend on how businesses, governments, and educational institutions adapt to technological changes and prepare workers for new skills and responsibilities.

In recent years, countries around the world have increased discussions about regulating artificial intelligence to balance innovation, economic competitiveness, and social stability.