AI could double Canadian annual economic growth rates [infographic]

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 a new report by advisory firm Accenture PLC, “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 information, you can read the full report here, or check out the infographic below (click for a larger version).

Would you recommend this article?

Share

Thanks for taking the time to let us know what you think of this article!
We'd love to hear your opinion about this or any other story you read in our publication.


Jim Love, Chief Content Officer, IT World Canada

Featured Download

Alex Radu
Alex Raduhttp://www.computerdealernews.com
is a Video Producer for IT World Canada. When not writing or making videos about the tech industry, you can find him reading, watching TV/movies, or watching the Lakers rebuild with one eye open.

Related Tech News

Get ITBusiness Delivered

Our experienced team of journalists brings you engaging content targeted to IT professionals and line-of-business executives delivered directly to your inbox.