Canada Needs AI Adoption to Narrow Productivity Gap, RBC Says [Financial Post (Toronto, Ontario, Canada)]
Royal Bank Of Canada (RY)
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Source: Financial Post
Author of the article: You can save this article by registering for free here . Or sign-in if you have an account. (Bloomberg) — Canada's economic productivity is lagging behind the US and more industries should embrace generative artificial intelligence to catch up, according to a report from Royal Bank of Canada. Generative AI has the potential to boost Canada's economy by C$180 billion ($131 billion) per year by 2030, but 73% of Canadian businesses haven't even considered using it yet, the report said, citing a Statistics Canada survey from earlier this year. Some of the country's major industries, including natural resources, haven't been significant early adopters of AI tools, according to the research. Meanwhile, costs are a barrier small businesses, which make up the vast majority of Canadian companies: 98% have fewer than 100 employees. Article content Productivity in Canada — production per hour worked — is 30% lower than in the US, partly because of the public-s
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