AI's Labor Market Impact to Grow Over Years, Says Central Bank Chief
Quick Look
- Central Bank chief Elvira Nabiullina stated that artificial intelligence is not yet a decisive factor in the labor market but its influence is expected to increase over time.
- While AI currently boosts productivity for individual companies, its broader macroeconomic effect is yet to be seen.
AI-generated summary
Why It Matters
Central Bank chief Elvira Nabiullina commented on the current and future impact of artificial intelligence on the labor market.
MOSCOW, June 19. /TASS/. Artificial intelligence (AI) is not yet playing a decisive role in the labor market but its effect will grow over years, Central Bank chief Elvira Nabiullina said at the press conference after the Board meeting.
"As regards artificial intelligence, we do not see thus far the macroeconomic effect from the standpoint of the labor market; it is not playing the determining role to date. It improves labor productivity for individual companies, which are skillfully using artificial intelligence. I think the effect of this factor will grow over time," Nabiullina said.
There are certain cooldown signs for the situation in the labor market, she noted. The labor market is an important factor but not the only one when deciding on the key rate, Nabiullina added.
What to Watch
AI outlook — possibilities, not facts
AI's effect on the labor market will grow over time.
Likely · Within years
Open Questions
- What specific AI applications are improving productivity?
- When might AI's macroeconomic effect become significant?
