AI is not replacing workers on a large scale so far, says Bank of Canada
AI is not replacing workers on a large scale so far, says Bank of Canada
Publish Date: 2026-05-15 05:39:00
Source Domain: www.reuters.com
- The Bank of Canada (BoC) has found no evidence of widespread job losses due to artificial intelligence (AI) so far.
- Deputy Governor Michelle Alexopoulos stated that AI has the potential to transform tasks rather than eliminate them, with some jobs being replaced and others emerging.
- There is early evidence of small productivity gains from AI implementation, which BoC is incorporating into its projections.
- According to the survey by the BoC, many experts see AI as a decision-supporting tool, keeping humans in charge and therefore transforming jobs rather than eliminating them.
- As Canada’s aging population retires, labor shortages could accelerate the development of new AI applications.
- The spread of AI across the entire economy is unclear, but its application could boost efficiency in goods production and service delivery.
- In the short term, AI adoption might add to price pressures, but it could lead to productivity growth in the long term, according to Governor Tiff Macklem.
