Goldman Sachs says the latest wave of AI could take away the jobs of 300 million people

Economists worry that if generative AI delivers on its promised capabilities, the labor market could face significant disruption. The term generative artificial intelligence refers to the technology behind ChatGPT, the globally popular chatbot.

Recently, Goldman Sachs predicted in a report that 18% of global jobs may be computerized, with developed/advanced economies being more affected than emerging economies. The market is bigger.

This is partly because white-collar workers are considered to be at greater risk than manual laborers. Administrative workers and lawyers are expected to be most affected, economists said, while physically demanding occupations such as construction and maintenance or outdoor occupations will be "minimal" affected by comparison.

The bank estimates that about two-thirds of current jobs in the United States and Europe are "affected to some extent by AI automation," while as many as 25% could be entirely automated by AI. Finish.

Economists worry that if generative artificial intelligence delivers on its promised capabilities, the labor market could face significant disruption. The term generative artificial intelligence refers to the technology behind ChatGPT, the globally popular chatbot.

ChatGPT, which can answer prompts and write articles, has prompted many companies to rethink how people should work every day.

This month, the robot’s developers released the latest version of GPT-4. The platform quickly impressed early adopters with its ability to simplify coding, quickly create websites from simple sketches, and pass exams with high scores.

Goldman Sachs economists wrote that further use of this kind of artificial intelligence could lead to mass unemployment. But they note that historically, technological innovations that initially displaced workers also created long-term job growth.

While the workplace may change, widespread adoption of artificial intelligence could ultimately boost labor productivity and boost global GDP by 7% annually within 10 years, Goldman Sachs said.

The economist added, “While the impact of AI on the labor market is likely to be significant, most jobs and industries will only be partially affected by automation and are therefore more likely to be supplemented by AI than replaced. . Most workers are in occupations that will only be partially affected by AI automation, and after the adoption of AI, they are likely to use at least some of their freed-up capabilities for production activities that increase output.”

For example , the researchers added that between 25% and 50% of the workload of U.S. workers expected to be affected "could be replaced."

They argue that "significant labor cost savings, the emergence of new job opportunities, and productivity gains among non-unemployed workers combine to increase the likelihood of a labor productivity boom, like early general-purpose technology (such as the electric motor and the personal computer).”

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