ARTIFICIAL INTELLIGENCE COULD REPLACE 300 MILLION JOBS WORLDWIDE, SAYS REPORT

Sun 02 April 2023:

With Artificial Intelligence gaining popularity globally, one question that comes up time and time again is whether AI will take over jobs from humans. A new report by investment bank Goldman Sachs has the answer, and it is not good news. The report, as per BBC, says that AI could potentially replace the equivalent of around 300 million full-time jobs.

Roughly two-thirds of work in the US and Europe risk some degree of automation. Additionally, it may also lead to a productivity boom, with a seven per cent increase in the total annual value of goods and services produced globally over a 10-year period.

The report further cites research that says that today around 60 per cent of the workers are engaged in work that didn’t even exist in 1940.

Quoting another piece of research, it points to the fact that technological advancements since 1980 have displaced “workers faster than it has created jobs,” reports BBC. This, the report concludes, could mean that as AI advances further, it could reduce jobs in the short term.

Goldman Sachs goes on to say that Generative AI’s ability to create content such as images, videos, audio, text, and 3D models that are indistinguishable from human work is “a major advancement,” and would have an impact on jobs everywhere.

As per the report, administrative and legal sectors will see the maximum impact with 46 per cent of administrative jobs and 44 per cent of legal jobs risking replacement by AI.

Physically intensive professions are at low risk, with construction facing a six per cent threat while maintenance is looking at four per cent probable substitution. It further says that almost all occupations will be affected to at least some degree.

SOURCE: INDEPENDENT PRESS AND NEWS AGENCIES

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