Google Report Reveals AI’s Projected $210 Billion Contribution to Canada’s Economy

A recently report released by Google highlighting the substantial economic effect of Artificial Intelligence (AI) in Canada suggests that AI will contribute a whopping $210 billion to Canada’s economy, showcasing the nation’s potential to become a global AI powerhouse.

Based on a third party poll and a sample of Canadian businesses, the report indicates that generative AI could add 8% of gross value to the country while saving the average Canadian worker 100 hours annually.

AI has rapidly evolved from a buzzword to a driving force behind innovation in various industries. From healthcare and finance to manufacturing and transportation, AI’s applications are far-reaching.

“Canada is uniquely positioned to take advantage of this opportunity, but we have to go after it. We have to bold, we have to be responsible, but I think it’s a huge opportunity for this country,” said vice president and Canada country manager of Google Cloud, Sam Sebastian.

Additionally, Sebastian says the tech sector in Canada can capitalize on an AI boom because of its tech workforce indicating that Toronto has the largest concentration of AI startups across the world while Montreal has the largest concentration of AI researchers in the world.

While the Google report paints a promising picture, there are challenges on the road ahead. These include ethical considerations, data privacy concerns, and the need for a skilled workforce. Sebastian doesn’t necessarily believe AI will lead to job cuts.

“With any technology innovation you’re going to see impacts on jobs and how those work, but in general if anything it’s going to enhance, especially the more straightforward remedial tasks the typical work has to do on a day-to-day basis,” added Sebastian.