Generative AI may bolster Canadian GDP

February 21, 2024

Generative AI may assist reverse the decline in productiveness and add practically 2% to Canada’s gross home product if deployed accurately, based on a report by The Convention Board of Canada. The report discovered that 46% of Canadian organizations surveyed are already utilizing generative AI, whereas 38% stated they’re exploring it. A majority additionally stated generative AI wouldn’t scale back headcount.

“Canada is a pacesetter within the discovery and creation of synthetic intelligence, however we lag in adopting the know-how on the organizational degree,” Alain Francq, director of innovation and know-how at The Convention Board of Canada, stated in a press assertion. “To reap the benefits of generative AI’s potential, Canadian companies want to interrupt out of their historic sample of underinvesting in analysis and growth and adopting rising applied sciences to rectify the nation’s productiveness hole. The Pan-Canadian AI Technique is an efficient begin with its give attention to commercialization, requirements and analysis.”

Different findings within the report embrace:

• Greater than 90% of survey respondents stated they weren’t positive about AI guidelines beneath present Canadian rules.
• 63% of organizations famous that implementing AI wouldn’t scale back their headcount, whereas one other 30% stated they weren’t positive, and some outliers predicted it could lower the scale of their workforce.
• As well as, greater than half of the respondents utilizing or exploring generative AI reported {that a} lack of technical experience was holding them again from integrating it into their companies. But solely 29% of these corporations stated discovering expertise was a roadblock.
• Respondents who predicted no change to staffing numbers stated that generative AI would make workers extra productive when fulfilling their current duties and grant them extra time to carry out new duties.

The survey, finished in partnership with MaRS Discovery District, was performed amongst 221 Canadian startups.