European Central Bank Blog: Artificial Intelligence May Create Jobs Instead of Eliminating Them

Investing.com – According to a blog post published by the European Central Bank on Wednesday, artificial intelligence may be creating jobs in the Eurozone rather than eliminating them.

The ECB’s survey of corporate financing channels found that companies that extensively use artificial intelligence are more likely to hire more employees in the short term.

“In other words, AI-intensive companies tend to hire rather than lay off employees on average,” the blog said. The article does not necessarily represent the official stance of the European Central Bank.

Based on the blog written by two ECB economists, companies planning to invest in artificial intelligence are also more likely to have positive expectations for future employment growth.

“Regardless of the level of planned AI investment, this holds true, indicating that it is unlikely that hiring will pause due to AI technology investments in the coming year,” the economists stated.

These findings contrast with concerns about AI’s impact on employment. A recent study by the Ifo Institute in Germany found that more than a quarter of German companies expect AI to lead to layoffs over the next five years.

The blog noted that the outlook might change over a longer time horizon. Most surveys that draw more pessimistic conclusions cover a longer period than the ECB’s survey, and employment conditions could change once AI begins to significantly alter production processes.

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