People are becoming more concerned about the possibility of various vocations being eliminated by sophisticated technology as a result of recent breakthroughs in artificial intelligence. Now, generative AI is expected to have an impact on up to 300 million employment, according to a Goldman Sachs analysis. According to the estimate, AI could replace the equivalent of almost 300 million (30 crore) full-time employment, according to the BBC.
Details about Goldman Sachs Forecasts 300 Million Jobs Might Be Replaced by AI
The labour economy may experience major change if generative AI lives up to its potential. We find that approximately two-thirds of current jobs are exposed to some level of AI automation using data on occupational tasks in both the US and Europe, and that generative AI could replace up to one-fourth of current work,” the investment banker wrote in a research note titled “The Potentially Large Effects of Artificial Intelligence on Economic Growth.”
A productivity boom and new jobs could result from technology advancement, according to the paper, which could ultimately increase global GDP by up to 7%.
According to the paper, generative AI systems like ChatGPT could lead to a productivity boom over the following ten years since they can produce content that is very comparable to that produced by humans.
The study also references data that claims that 60% of workers today are doing jobs that didn’t even exist in 1940. It did, however, cite additional research that contends that job creation has lagged behind employment displacement as a result of technological advancement during the 1980s.
The paper finds that generative AI may have an immediate negative impact on employment if it is anything like earlier information-technology advancements.
The impact will also varies dramatically between various sectors, according to the research. The impact will be greatest in the administrative and legal sectors, where 46% of administrative employment and 44% of legal jobs are at risk of being replaced by AI.
According to the survey, cleaning and maintenance, installation and repair, and construction vocations have the least exposure to AI. Physically demanding occupations have modest risk; maintenance has a 4% likelihood of replacement while construction faces a 6% hazard.
