300 million jobs might be replaced by artificial intelligence.
As a result of recent advancements in artificial intelligence, people are growing more anxious about the risk that certain professions could be displaced by the newest technology.
Yet contrary to what a lot of people currently think, AI might not be perfect.
According to a Goldman Sachs investigation, generative AI is now anticipated to have an influence on up to 300 million employment, as stated by the BBC.
In a research paper titled “The Potentially Substantial Impacts of Artificial Intelligence on Economic Development,” the investment banker stated that “if generative AI delivers on its promised powers, the labour market might suffer major upheaval.”
The statement continued, “We find that around two-thirds of existing employment are subject to some level of AI automation, and that generative AI might replace up to one-fourth of present labour, using data on occupational tasks in both the US and Europe.
According to the research, technological development might lead to a surge in productivity and the creation of new employment, which would ultimately boost the global GDP by up to 7%.
The study claims that since generative AI systems like ChatGPT can create material that is highly equivalent to that created by humans, productivity may increase over the next 10 years.
According to data cited in the report, 60% of workers today are engaged in occupations that didn’t even exist in 1940. It did, however, reference other data suggesting that, as a result of technological development in the 1980s, job creation has lagged behind employment displacement.
The study concludes that, if generative AI is anything like prior versions, it might have an immediate detrimental impact on employment.
According to the analysis, the impact would also differ significantly between other sectors. The impact will be greatest in the administrative and legal fields, where AI has the potential to replace 46% of administrative work and 44% of legal employment.
The poll indicates that the least exposure to AI is in the construction, installation, and repair, and cleaning and maintenance professions. Physically demanding jobs have a low chance of replacement: maintenance has a 4% risk and construction has a 6% risk.