{"id":153751,"date":"2024-02-09T16:02:09","date_gmt":"2024-02-09T21:02:09","guid":{"rendered":"https:\/\/interac1.wpengine.com\/?post_type=content&p=153751"},"modified":"2025-09-18T11:28:42","modified_gmt":"2025-09-18T15:28:42","slug":"productivity-and-prosperity-technologys-role-in-shaping-canadas-future","status":"publish","type":"content","link":"https:\/\/www.interac.ca\/en\/content\/business\/productivity-and-prosperity-technologys-role-in-shaping-canadas-future\/","title":{"rendered":"Productivity and prosperity: Technology\u2019s role in shaping Canada\u2019s future"},"content":{"rendered":"\n

Inclusivity and prosperity are at the core of the Canadian ethos. Whether it\u2019s true of your lived experience or not, as Canadians, we should expect a society that protects us and provides every person ample opportunities to live a healthy, safe, prosperous life.<\/p>\n\n\n\n

That promise of prosperity has come under fire recently. Interest rates are the highest<\/a> they\u2019ve been in a generation. The cost of basic necessities like groceries and rent are pushing many Canadians to the brink of their savings (assuming they have some). And throwing existential fuel on the fire is the rapid advance of new technologies like generative AI, which have left many Canadians fearing not just for their job security but the very future of our economy.<\/p>\n\n\n\n

On the topic of AI, let me be clear: I hear the concerns. The most recent Statistics Canada report<\/a> on the issue suggested that up to 40 per cent of Canadian workers in 2016 were at high to moderate risk of job displacement due to automation. That data was published nearly three years before the release of ChatGPT became the talk of boardrooms across the country. I believe that the public and private sectors have an obligation to work together to create guardrails around the safe development and use of these technologies, to ensure that they are working for and with Canadians, not at the expense of them.<\/p>\n\n\n\n

On this last point \u2014 harnessing AI to enable inclusivity and prosperity, rather than stifle it \u2014 is where I am optimistic about technology\u2019s role in creating a better future for everyday Canadians.<\/p>\n\n\n\n

Already, it\u2019s easy to find examples<\/a> of generative AI augmenting and optimizing work processes, freeing workers from relatively low-value tasks \u2014 scheduling meetings, directing phone calls, drafting contracts \u2014 to focus on higher-value activities. Along with reducing cognitive load by automating highly structured tasks, we see proof of generative AI boosting productivity by enhancing our critical thinking and creativity, while helping to train workers and providing feedback that makes us better at our jobs.<\/p>\n\n\n\n

A July 2023 report<\/a> by McKinsey estimates a 30 per cent increase in demand for healthcare professionals by 2030. In STEM, the labour demand is expected to rise by an estimated 23 per cent, while demand for builders will climb by approximately 12 per cent. McKinsey\u2019s data focuses on the U.S. labour market, but let\u2019s assume a similar trend in Canada. From hospitals to research labs to construction sites, imagine the benefits to society of investing in and equipping workers with new tools and technologies that help make them more skilled, efficient, and productive.<\/p>\n\n\n\n

As easy as it is to imagine technology\u2019s potential to create a more productive and prosperous society for all Canadians, it\u2019s equally easy to see the consequences of not<\/em> investing in new technologies \u2014 and it\u2019s easy to see because it\u2019s already happening.<\/p>\n\n\n\n

Consider a November 2023 report<\/a> by the C.D. Howe Institute, which shows Canada\u2019s relative prosperity in decline over the past 30 years. In 1993, according to the Institute\u2019s data, Canada’s real GDP was 106 per cent of the OECD average. In 2024, that average is expected to fall to just 89 per cent. As described in the report, Canada is falling behind other countries due to a lack of investment in its workers, leading to an inevitable and self-perpetuating drop in productivity.<\/p>\n\n\n\n

\u201cProductivity and investment are mutually reinforcing,\u201d the report states. \u201cProductivity growth creates opportunities and competitive threats that spur businesses to invest. Investment increases productivity by equipping workers with better tools. Investment per worker that is lower in Canada than abroad tells us that businesses see less opportunity in Canada, and prefigures weaker growth in Canadian earnings and living standards than elsewhere.\u201d<\/p>\n\n\n\n

In the Government of Canada\u2019s fall economic statement<\/a>, Deputy Prime Minister and Finance Minister Chrystia Freeland struck an optimistic tone, noting that over a million more Canadians are employed today compared to before the pandemic. However, while inflation is coming down and it appears we will avoid a recession, economic growth is still projected to slow to a crawl.<\/p>\n\n\n\n

To prevent further decline and avoid creating a society where Canadians see less opportunity, slower growth, and lower living standards than other OECD countries, we must act now to invest in Canadian workers \u2014 and that means investing in new technologies.<\/p>\n\n\n\n

At Interac, we understand the key role we play in empowering businesses and Canadians through accessible and efficient financial solutions. That\u2019s why we\u2019re continually investing in development of new products and solutions to streamline payment, authentication, and verification processes. We believe that a more prosperous Canada begins by making life easier for the small and mid-sized businesses who serve as the backbone of our economy.<\/p>\n\n\n\n

As a uniquely Canadian company that works closely with the public sector to ensure financial safety for all Canadians, we\u2019re also in a rare position to influence and mould the trajectory of our digital economy. Today, that means collaborating with the Canadian public sector to not only provide safe and secure financial solutions, but contributing to policy discussions and offering perspective on legislation regulating the safe use and advancement of technology.<\/p>\n\n\n\n

At the centre of all of these conversations is a question of trust. As Canadians, we trust our institutions to protect our best interests, and to create a level playing field where anyone can prosper. As such, it\u2019s only reasonable that Canadians shouldn\u2019t be expected to use or invest in new technologies unless we can be sure we trust them first.<\/p>\n\n\n\n

In a digital age, I believe that trustworthiness is best determined with a framework that revolves around three core pillars: authenticity, inclusivity, and relevancy. When looking at a piece of technology, ask yourself: Is it what it claims to be? Is it available to everyone? Does it provide genuine value when applied to a specific use case? If the answer is yes to all three, you\u2019re more than likely looking at a solution capable of boosting productivity and creating a web of prosperity that benefits everyone. Who wouldn\u2019t trust that?<\/p>\n\n\n\n

The story of technology and its potential to shape Canada\u2019s future is deeply personal to me. For the past 30-plus years, my work has revolved around two core beliefs: the right of everyone to participate in and benefit from the digital economy, and the potential of technology to enhance the quality of life for everyday Canadians.<\/p>\n\n\n\n

I\u2019m proud of the work we\u2019re doing at Interac, both to harness the potential of technology to shape and transform the way we do business in this country, and to make sure the solutions we\u2019re creating are readily available and working in service of all Canadians.<\/p>\n\n\n\n

As new solutions continue to develop and emerge, I hope more companies embrace the potential of technology to empower workers and enhance productivity. It\u2019s clear to me that Canada\u2019s fundamental promise of inclusivity and prosperity aligns with the potential offered by advancements like generative AI, and that investing in these technologies now will lead to better, more prosperous lives for all Canadians.<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Inclusivity and prosperity are at the core of the Canadian ethos. Whether it\u2019s true of your lived experience or not, as Canadians, we should expect a society that protects us and provides every person ample opportunities to live a healthy, safe, prosperous life. That promise of prosperity has come under fire recently. Interest rates are…<\/p>\n","protected":false},"author":8,"featured_media":153767,"template":"","format":"standard","meta":{"_acf_changed":true,"footnotes":""},"content-tags":[952,294],"content-category":[189],"spokespeople":[635],"in_the_know_post_format":[],"class_list":["post-153751","content","type-content","status-publish","format-standard","has-post-thumbnail","hentry","content-tags-enterprise-and-government","content-tags-trends","content-category-business","spokespeople-debbie-gamble"],"acf":[],"yoast_head":"\nTech\u2019s Role in Canada\u2019s Productivity and Prosperity - Interac<\/title>\n<meta name=\"description\" content=\"Explore how technology and AI can boost productivity, support workers, and shape a more inclusive, prosperous future for all Canadians.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.interac.ca\/en\/content\/business\/productivity-and-prosperity-technologys-role-in-shaping-canadas-future\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Productivity and prosperity: Technology\u2019s role in shaping Canada\u2019s future\" \/>\n<meta property=\"og:description\" content=\"Inclusivity and prosperity are at the core of the Canadian ethos. 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