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AI could double Canadian annual economic growth rates: report

Artificial IntelligenceInfrastructure

With artificial intelligence (AI) on the rise, it’s time to look at the potential this technology can bring to organizations around Canada.

According to an Accenture report ‘AI is the Future of Growth’ AI could double annual economic growth rates by 2035, and boost labor productivity by up to 40 per cent.

In Canada specifically, AI-integration could add an additional $636.1 billion CAD to the economy in that time frame, which would increase the annual growth rate of gross value added from 2.1 to 3.5 per cent. The number of years required for Canada to double the size of its economy could potentially be reduced by up to 13 years if Canada successfully reaches an AI steady state.

But in order to get to this reality, there are still various obstacles that need to be overcome. These obstacles are especially noticeable on the government side of things. In the report, Accenture identifies four specific steps that need to be solved:

  • Prepare the next generation – identify what skills and knowledge will be necessary for this type of future.
  • Encourage AI-powered regulation – create laws that close the gap between technological change and the pace of regulatory response to that change.
  • Advocate a code of ethics for AI – discover the best practices involving ethics and morality with AI.
  • Address the redistribution effects – policymakers need to identify any perceived downsides of AI, including helping those affected by changes of employment and incomes.

For more from the report, you can read the full report here, or check out the infographic below.