AI influence on labor market to grow over years — Central Bank

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.