ChatGPT eliminates 300 million workers around the world! Goldman Sachs predicts 25% of jobs will be replaced by AI

Goldman Sachs issued another report stating that 300 million workers around the world may be replaced by AI. In the past, employees were assigned computers; now, computers are assigned to employees.

Just five days later, Goldman Sachs also released a report, giving us another critical blow-

According to predictions, generative AI will lead to "major chaos" in the labor market. Automate 300 million jobs around the world, and 7% of jobs in the United States will be replaced by AI!

#Goldman Sachs said that if generative AI can really fulfill its existing capabilities, then these situations are entirely possible.

ChatGPT has evolved so rapidly, and other AI tools are also eyeing it, and it is really dangerous for workers!

300 million workers are in danger!

The report points out that currently high-profile generative AI technologies such as ChatGPT and DALL-E mainly have three characteristics:

-General AI

-Ability to Generate information with novel and human-like capabilities

-Provide interfaces that can both understand and respond to natural language, images, audio and video.

In addition, many large companies have not only mentioned generative AI more often in corporate earnings calls, but have also made more bets on artificial intelligence.

The report states that about 2/3 of jobs in the United States will be affected by artificial intelligence automation. Moreover, among the affected positions, 25%-50% of the jobs can be replaced.

In addition, this report assumes that at least 50% of important and complex weighted tasks are likely to be replaced by AI, while 10-49% of jobs are more likely to be With the assistance of AI, the remaining 0-9% of jobs are unlikely to be affected.

According to Goldman Sachs estimates, about 7% of jobs in the United States can be replaced by AI, 63% of jobs will be assisted by AI, and only 30% of jobs will not. Affected by AI.

Goldman Sachs cited a study that found that 60% of today’s workforce is engaged in occupations that did not exist in 1940. This means that over the past 80 years, more than 85% of occupations have been driven by new technologies.

It predicts that 1/4 of jobs in the United States and Europe can be automated through AI.

Who are the most dangerous people?

Yes, just like you thought, of course they are white-collar workers.

In the United States, office and administrative positions are at the greatest risk of being displaced, at 46%, followed by lawyers (44%), and architects and engineers (37%).

Goldman Sachs believes that tasks like ChatGPT that technology is perfectly capable of include small businesses filling out tax returns, evaluating insurance claims, and documenting crime scene findings.

However, AI cannot yet replace more complex tasks, such as court rulings and checking the health status of critically ill patients.

An earlier study by researchers from Princeton University, the University of Pennsylvania, and New York University also estimated that the profession most likely to be affected by technologies such as ChatGPT is lawyers.

Like the OpenAI report, the Goldman Sachs report also tells us: blue-collar workers are safer. Dishwashers, plumbers, and landscaping workers are all still "iron rice bowls."

Only 1% of tasks are not affected by AI, including cleaners, maintainers and construction workers.

Installation and maintenance is the second least affected industry, with 4% of jobs likely to be affected. Construction and mining jobs ranked third at 6%.

Of course, although the emergence of automobiles eliminated coachmen, it also gave birth to a new profession of driver.

The Goldman Sachs report shows that if generative AI is widely used, it will save a lot of labor costs while also creating new job opportunities, such as prompt engineers with an annual salary of one million.

AI penetrates 18% of global jobs

Goldman Sachs’s estimate intuitively shows that emerging markets have fewer jobs affected by automation than developed markets, but 18% of global jobs can be automated through artificial intelligence.

According to the analysis of the World Bank, Hong Kong, Israel, Japan, Sweden and the United States may be the 5 most affected countries/regions.

At the same time, the possibility of employees in China, Nigeria, Vietnam, Kenya, and India being temporarily replaced by AI is very low.

In addition, the report stated that AI-driven occupational automation can increase global GDP through 2 main channels.

First, most workers are employed in occupations that are partially exposed to AI automation. Second, many of the workers displaced by AI automation will eventually be reemployed, thereby increasing aggregate output.

As a result, Goldman Sachs predicts that the widespread application of AI may increase global annual GDP by 7% in the next 10 years, or achieve growth of nearly US$7 trillion.

The report concludes that while data shows that artificial intelligence will undoubtedly have an impact on the labor market, it is unclear how damaging it will be.

Reference:

​​https://arstechnica.com/information-technology/2023/03/generative-ai-set-to-affect-300-million-jobs-across -major-economies/​

​​https://www.businessinsider.com/generative-ai-chatpgt-300-million-full-time-jobs-goldman-sachs-2023-3​​ ​

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