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Gulf Press > Business > Forex > Macklem from BoC Warns AI Could Eliminate More Jobs Than It Creates
Forex

Macklem from BoC Warns AI Could Eliminate More Jobs Than It Creates

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Last updated: 2024/09/21 at 8:52 AM
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Bank of Canada Governor Tiff Macklem recently addressed the potential impact of artificial intelligence (AI) on inflationary pressures in the near future. Macklem stated that the combination of AI and a more unpredictable world could lead to more volatile inflation than seen in the past 25 years prior to the pandemic. This suggests that central banks must closely monitor how AI influences inflation, both directly and indirectly. While AI is expected to enhance productivity, which can spur economic growth without causing inflation, there are concerns that AI may lead to job displacement and create challenges for individuals seeking new opportunities.

Despite concerns about job displacement, Macklem noted that there is currently limited evidence to suggest that AI is causing significant declines in total employment. However, he emphasized the importance of recognizing the potential for AI to disrupt traditional employment patterns and lead to financial stability issues. One key concern highlighted by Macklem is that operational risks could become concentrated in a few third-party service providers as AI adoption increases. This underscores the need for increased oversight and regulation to mitigate these risks and ensure financial stability in the face of evolving technology.

The comments made by Macklem did not elicit a significant market reaction, with the USD/CAD pair remaining relatively stable following the announcement. This suggests that investors may not view AI’s impact on inflation and financial stability as an immediate concern. However, as AI continues to permeate various industries and transform the way businesses operate, central banks will have a crucial role to play in utilizing AI to understand consumer and business behavior. By harnessing the power of AI, central banks can gain insights into economic trends and patterns that were previously inaccessible, allowing for more informed decision-making and policy implementation.

Overall, Macklem’s remarks highlight the complex interplay between AI, inflation, and financial stability. While AI holds the potential to drive productivity and economic growth, there are also risks associated with job displacement and concentrated operational risks. Central banks must navigate these challenges by staying vigilant and adapting their regulatory frameworks to address the evolving landscape of AI technology. By leveraging AI to gain deeper insights into economic dynamics, central banks can better anticipate and respond to changes in the global economy, ultimately contributing to a more stable and prosperous financial system. In this rapidly changing environment, collaboration and cooperation between central banks and other stakeholders will be essential to harnessing the full potential of AI while mitigating its inherent risks.

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News Room September 21, 2024
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