Overview

• Bank of Canada Governor Tiff Macklem expressed concerns about AI's potential to destroy more jobs than it creates.
• Macklem noted that while AI could boost labor productivity and living standards, it might also contribute to short-term inflationary pressures.
• The central bank is using AI to forecast inflation and track economic sentiment but is still in the early stages of adoption.
• Macklem emphasized the need for more research and collaboration between academics and businesses to understand AI's full impact.
• Canada has launched a Voluntary Code of Conduct for the responsible development and management of generative AI systems.