Generative AI could add $180bn to Canadian economy by 2030, Meta-backed study finds
Research predicts 8% productivity boost and 35,000 new jobs within five years as adoption accelerates
Generative artificial intelligence could contribute $180 billion annually to Canada's economy by 2030 and add up to 9% to GDP by 2035, according to research commissioned by Meta.
The study, conducted by the Linux Foundation, found that AI could raise worker productivity by 8% and create more than 35,000 innovation-driven jobs within five years.
Meta, the parent company of Facebook and Instagram, said the research examined AI's economic impact across Canadian industries and the workforce.
The report found that 26% of Canadian organisations have fully implemented AI systems, suggesting early-stage adoption across the business landscape.
Nearly 90% of Canadian firms currently using AI report no job losses from the technology, according to the research.
Instead, adoption is expected to generate more than 35,000 new roles over the next five years as companies expand their AI capabilities.
The study highlighted open source AI models as crucial tools for reducing costs, accelerating experimentation and enabling businesses to customise solutions for specific needs.
Canadian startups building products on open source AI frameworks show stronger early-stage valuations compared to those using proprietary systems, the research found.
The report called for wider deployment of open source AI to speed adoption, equip workers with practical skills and convert publicly funded research into commercial applications.
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It identified financial services, manufacturing, energy, healthcare and agriculture as key sectors that could benefit from increased AI implementation.
The findings come as businesses and policymakers grapple with questions about AI's economic impact and its effects on employment.
The Recap
- Research forecasts AI-driven economic and job growth in Canada.
- AI could add up to $180 billion annually in Canada by 2030.
- Adoption is expected to create over 35,000 new roles.
