![\"\"](\"https:\/\/www.europesays.com\/canada\/wp-content\/uploads\/2026\/05\/long-run-productivity-trend-still-weak-bloomberg.jpg\")
<\/a><\/p>\nShe also pointed to studies that suggest that the pace of adoption has increased since 2022, with about 12% of Canadian firms using it in 2025. She highlighted an Indeed study that gauged the time-saving benefits of AI, in which workers said the technology \u201cimproved the quality and efficiency of their work.\u201d<\/p>\n
Alexopoulos said the bank expects some jobs to be replaced by AI, but also that \u201cnew jobs will emerge, and others will be transformed,\u201d adding that officials are monitoring labor data for more evidence.<\/p>\n
At the same time, she acknowledged that young people, particularly those in entry-level, customer service or coding jobs, are more likely to be impacted by AI adoption. External Deputy Governor Nicolas Vincent will delve into factors that may be affecting youth unemployment, including AI, in a speech on labor markets later this month, she said.<\/p>\n
The bank has spoken bluntly about Canada\u2019s lagging productivity, calling it an emergency in early 2024, and the comments on Wednesday suggest policymakers view AI as one potential fix.<\/p>\n
Alexopoulos said the bank is already seeing small productivity gains from AI, and that\u2019s already being accounted for as it calculates the pace of growth the economy can grow without stoking inflation.<\/p>\n
\u201cWe are already incorporating limited gains into our projections and our estimates of potential output.\u201d<\/p>\n
She said decisions about interest rates aren\u2019t set by artificial intelligence, though the central bank does use the technology to \u201csharpen\u201d its insights, including \u201cto help forecast inflation and economic activity.\u201d<\/p>\n
Photograph: The Bank of Canada building in Ottawa; photo credit: David Kawai\/Bloomberg<\/p>\n
Copyright 2026 Bloomberg.<\/p>\n
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