Artificial intelligence might replace 300 million jobs

Monitoring Desk

LONDON: People are becoming more concerned about the possibility of various vocations being eliminated by the latest technology as a result of recent breakthroughs in artificial intelligence. And as many people already believe, AI might not be all gold.

Now, generative AI is expected to have an impact on up to 300 million jobs, according to a Goldman Sachs analysis, reported the BBC.

“If generative AI delivers on its promised capabilities, the labour market could face significant disruption,” the investment banker said in a research note titled titled “The Potentially Large Effects of Artificial Intelligence on Economic Growth.”

“Using data on occupational tasks in both the US and Europe, we find that roughly two-thirds of current jobs are exposed to some degree of AI automation, and that generative AI could substitute up to one-fourth of current work,” the statement added.

A productivity boom and new jobs could result from technological advancement, according to the paper, which could ultimately increase global GDP by up to 7%.

According to the paper, generative AI systems like ChatGPT could lead to a productivity boom over the following ten years since they can produce content that is very comparable to that produced by humans.

The study also references data that claims that 60% of workers today are doing jobs that didn’t even exist in 1940. It did, however, cite additional research that contends that job creation has lagged behind employment displacement as a result of technological advancement during the 1980s.

The paper finds that generative AI may have an immediate negative impact on employment if it is anything like earlier information-technology advancements.

The impact will also vary dramatically between various sectors, according to the research. The impact will be greatest in the administrative and legal sectors, where 46% of administrative employment and 44% of legal jobs are at risk of being replaced by AI.

According to the survey, cleaning and maintenance, installation and repair, and construction vocations have the least exposure to AI. Physically demanding occupations have modest risk; maintenance has a 4% likelihood of replacement while construction faces a 6% hazard.