According to Goldman Sachs economists, nearly 300 million full-time jobs worldwide may be subject to automation in some form due to recent advances in artificial intelligence. They predict that around 18% of jobs worldwide will be computerized, with developed economies being more affected than developing economies.
In the United States and Europe, roughly two-thirds of existing jobs may be susceptible to some level of AI automation, and AI may eventually perform up to 25% of all work. According to the bank’s report, if generative artificial intelligence, the technology behind ChatGPT, delivers on its promises, the labor market could face significant disruptions.
Many businesses have reconsidered how they work since the introduction of ChatGPT, and the software’s developer recently unveiled GPT-4, the most recent version of the platform that powers the chatbot. Early adopters were impressed by the software’s ability to streamline coding, quickly create a website from a simple outline, and achieve high exam scores.
According to Goldman Sachs economists, widespread AI implementation is likely to result in job losses. They did observe, however, that previous instances of technological innovation that initially displaced workers eventually resulted in employment growth over time. Although job markets may shift, extensive AI integration could ultimately increase labor productivity and global GDP by 7% per year over a decade.
According to the economists, most jobs and industries are only partially vulnerable to automation and are more likely to be complemented rather than substituted by AI. Workers in partially exposed occupations, they believe, will redirect some of their freed-up capacity toward productive activities that increase output. According to the researchers, 25% to 50% of the workload of US workers who are expected to be affected can be replaced.
The sources for this piece include an article in CNN.
