AI is not replacing workers on a large scale so far, says Bank of Canada

Reuters

Wed, May 13, 2026 astatine 10:17 AM CDT 2 min read

By Promit Mukherjee and David Ljunggren OTTAWA, May 13 (Reuters) - The Bank of Canada connected Wednesday said determination were nary signs truthful acold that artificial ‌intelligence was starring to wide occupation losses, adding the exertion had ‌the imaginable to alteration tasks alternatively than destruct them. Deputy Governor Michelle Alexopoulos said the cardinal slope was ​closely monitoring the employment marketplace and anticipated that arsenic AI becomes much prevalent, immoderate jobs would beryllium replaced and caller ones would emerge. "But, broadly speaking, the grounds does not yet constituent to wide idiosyncratic displacement due to the fact that of AI," she told a concern assemblage ‌in Ottawa. As exertion companies funnel ⁠billions of dollars to enactment AI growth, experts variously foretell this volition pb to monolithic productivity gains oregon immense occupation losses. "We are ⁠starting to spot grounds of tiny productivity gains from AI," Alexopoulos said, adding the BoC was incorporating constricted gains into its projections and estimates of imaginable output. The bank's astir ​recent survey ​of elder experts successful hazard absorption successful ​the fiscal assemblage showed galore ‌see AI arsenic a instrumentality to enactment decision-making, portion inactive keeping humans precise overmuch successful charge, she said. "This reinforces the presumption that AI volition mostly alteration jobs - not destruct them," she added. Talking specifically astir Canada, she said arsenic an aging colonisation retires retired of the workforce, labour shortages would apt velocity up the improvement of ‌new ways to usage AI. Alexopoulos said it was ​not yet wide whether AI usage would dispersed crossed ​the full system oregon beryllium ​focused connected definite sectors oregon tasks. As AI is incorporated much successful ‌workplaces and businesses, it could boost ​efficiency successful the accumulation ​of goods and transportation of services. "Stronger productivity volition marque businesses much competitive, starring to higher wages for workers, outgo savings for consumers and little unit ​on inflation," she said. Governor Tiff ‌Macklem said successful 2024 that adoption of AI by businesses could ​add to terms pressures successful the abbreviated presumption and productivity maturation successful ​the agelong term. ((Reuters Ottawa bureau))Keywords: CANADA CENBANK/