The rise of Artificial Intelligence has led to many speculating whether it could potentially take over jobs from humans. Goldman Sachs has released a report on the matter, and unfortunately, the news is unfavorable for workers.
In a report, it has been suspected that Artificial Intelligence (AI) could potentially substitute the equivalent of 300 million full-time jobs – approximately two-thirds of operations in America and the European Union face being partially automated, as per BBC.
The global economy could be boosted with a seven percent rise in output over 10 years if the right policies were implemented. This increase in productivity could lead to more goods and services being produced each year, resulting in a notable expansion of the global economy.
How AI And Automation Will Impact Jobs: Watch Now
Recent research has shown that a vast majority – 60% – of today’s workers engage in jobs that did not exist in 1940. This demonstrates the significant progress and advancement made over the past eight decades.
The research points towards the fact that since 1980, technological advancements have caused workers to be displaced faster than new job opportunities were created. This could ultimately mean that with further development of AI, there could be a decrease in the number of jobs shortly.
Goldman Sachs believes that Generative AI is a major advancement, given its capability of producing content composed of images, videos, audio, text, and 3D models indistinguishable from those made by humans. They affirm that this advancement would seriously affect jobs regardless of location.
Administrative and legal sectors are set to experience the most drastic consequences of AI, with 46% of administrative positions and 44% of legal roles in danger of being surpassed, per the report.
Construction and maintenance are two professions believed to be at low risk of displacement due to automation, with a six and four percent probability, respectively. However, the report suggests that all occupations will likely face some impact.
The impact of AI on the job market will depend on how it is implemented and the decisions made by businesses, policymakers, and individuals. While there may be challenges and uncertainties, there is also significant potential for AI technology to improve our lives and create a more efficient and productive economy.