The latest wave of artificial intelligence, which has resulted in platforms like ChatGPT, could potentially replace up to 300 million full-time jobs worldwide, according to a recent report.
The study, which was conducted by Goldman Sachs, revealed that 18 percent of global work could be computerised, with advanced economies likely to experience greater impact than emerging markets. This is mainly due to the vulnerability of white-collar workers, particularly administrative staff and lawyers, compared to workers in physically demanding or outdoor occupations such as construction and repair work, who are expected to experience minimal effects.
The administrative and legal sectors are expected to face the highest risk with 46 percent of administrative jobs and 44 percent of legal jobs being vulnerable to replacement by AI. On the other hand, physically demanding jobs such as construction and maintenance face a much lower risk with only a 6 percent and 4 percent threat, respectively.
Despite the potential job displacement, the implementation of AI could result in increased labour productivity and could even drive global growth up by 7 percent year-on-year over a 10-year span, as per Goldman Sachs.
Goldman Sachs economists explained that even though AI is expected to have a substantial effect on the job market, only some jobs and industries will be fully impacted by automation.
“Although the impact of AI on the labor market is likely to be significant, most jobs and industries are only partially exposed to automation and are thus more likely to be complemented rather than substituted by AI,” the economists added.
The majority of workers are employed in positions that are partially exposed to AI automation. As a result, they will probably utilise some of their newly available time for productive endeavors that enhance output after AI adoption.
