According to a report by investment bank Goldman Sachs, the widespread adoption of artificial intelligence (AI) has the potential to replace approximately 300 million full-time jobs.
The report also suggests that AI may replace a quarter of work tasks in the US and Europe, although it could also create new jobs and increase productivity.
Furthermore, the report predicts that AI could eventually boost the total annual value of goods and services produced globally by 7%. The report also notes that generative AI, which is capable of producing content that is virtually indistinguishable from human work, represents a significant breakthrough.
The UK government is eager to encourage investment in AI, which it believes will ultimately enhance productivity across various industries. The government has attempted to allay public concerns about the potential impact of AI.
Technology Secretary Michelle Donelan said:
We want to make sure that AI is complementing the way we work in the UK, not disrupting it – making our jobs better, rather than taking them away.
The report highlights that the impact of AI will differ among sectors. It predicts that approximately 46% of tasks in administrative and 44% in legal professions could be automated, while only 6% in construction and 4% in maintenance could be automated.
ChatGPT enables individuals with average writing abilities to create essays and articles, resulting in increased competition for journalists. This increased competition may lead to a reduction in wages unless there is a substantial surge in demand for their services.
If generative AI like chatGPT progresses the same way as technology advancements from the past, it could reduce employment in the near future. But since the long-term impact of AI remains unclear, all firm predictions should be taken with a pinch of salt.
