The rise of artificial intelligence (AI) has brought about concerns regarding the possible elimination of various vocations due to technological advancements. A recent analysis by Goldman Sachs suggests that generative AI could have a significant impact on up to 300 million jobs. The investment bank explained that if generative AI meets its promised capabilities, it could cause major disruption to the labor market.
Here are some key points from the analysis:
- Two-thirds of current jobs are exposed to some degree of AI automation.
- Generative AI could replace up to one-fourth of current work.
- The use of generative AI, such as ChatGPT, could lead to a productivity boom over the next ten years.
- The research cites data indicating that 60% of current jobs didn’t exist in 1940.
- The impact of generative AI will differ between sectors, with the greatest impact expected in the administrative and legal sectors.
- Cleaning and maintenance, installation and repair, and construction vocations are the least exposed to AI.
- Physically demanding jobs have a low risk of being replaced by AI.
Although technological advancements could lead to a productivity boom and the creation of new jobs, the paper also highlights that job creation has lagged behind employment displacement as a result of technological advancement in the past. While generative AI could have a negative impact on employment in the short term, the long-term effects on global GDP could be positive, potentially increasing it by up to 7%.
In conclusion, while the potential of generative AI to revolutionize industries and boost economic growth is significant, it is essential to consider its impact on the workforce and take measures to address any negative consequences. As the world continues to advance technologically, it is crucial to prioritize the well-being and security of workers and ensure that everyone has access to the benefits of technological progress.