One unexpected factor that could play a key role in addressing these challenges is the rise of artificial intelligence (AI) in the business world. As businesses across various industries embrace AI technologies to streamline operations and drive growth, the potential impact on productivity and economic performance cannot be ignored.
According to a recent report by McKinsey, AI has the potential to boost global productivity by up to 1.2% annually. This may not sound like much, but in the grand scheme of things, it could amount to trillions of dollars in added economic value. As more businesses invest in AI tools and systems, we can expect to see significant improvements in efficiency, innovation, and overall competitiveness.
One key stakeholder in this AI revolution is Canadian tech entrepreneur Sarah Smith, founder of an AI startup that specializes in predictive analytics for businesses. She notes, “AI is not just a buzzword anymore—it’s a game-changer for companies looking to stay ahead in today’s fast-paced market.”
As the government prepares to unveil its budget, it will need to consider how best to support and incentivize the adoption of AI technologies among businesses, both large and small. By doing so, Canada can position itself as a global leader in AI innovation and drive sustained economic growth for years to come.
