Michelle Alexopoulos Says Bank Of Canada - Banque Du Canada Sees No Broad AI Job Losses
Michelle Alexopoulos said the bank of canada - banque du canada does not yet see generalized job losses from artificial intelligence. She told an Ottawa business audience on Wednesday that the technology is still concentrated in finance and insurance, while its reach remains limited in food and accommodation.
Ottawa AI Adoption Stays Narrow
Finance and insurance are where AI adoption is showing up first, according to Alexopoulos, while food and accommodation remain far less exposed. That split leaves the labor market unevenly affected, with some sectors already changing and others still largely untouched.
Artificial intelligence also has the potential to lift productivity in Canada, she said, and those gains could support higher wages without adding inflation pressure. In a prepared speech in Ottawa on Wednesday, Alexopoulos said: "Si l’IA continue de s’améliorer et de se diffuser, elle pourrait transformer durablement l’économie canadienne. La réduction des coûts des entreprises et les gains d’efficacité liés à l’IA pourraient favoriser la hausse des salaires, réduire les prix à la consommation et générer des investissements".
Bank Of Canada Sees Job Shifts
Some jobs are still likely to disappear over time, while others will be created or changed, the bank said, drawing a parallel with the computer’s arrival. Alexopoulos added that slower population growth in Canada could mean more openings for workers whose tasks are replaced by AI, rather than a simple net loss of positions.
Recent signs point to pressure at the entry level, where some studies suggest weaker hiring in AI-exposed roles such as coding and customer service. She also said some technology companies have cited AI as a factor in layoffs, and urged young workers and employees in those areas to build AI skills as demand for workers comfortable with the technology rises in the years ahead.
The immediate reading is straightforward: the Bank of Canada is not seeing broad labor-market damage yet, but it is warning that the adjustment will not be even. Workers in finance, insurance, coding and customer service face the earliest pressure, while the bigger upside still depends on whether AI spreads beyond the pockets where it is already in use.
