According to a report released by investment bank Goldman Sachs, generative artificial intelligence (AI) could replace the equivalent of 300 million jobs.
Generative AI now being able to create content indistinguishable from human work has been dubbed a “major advancement” in the report.
You can’t speak about generative AI without mentioning ChatGPT – the chatbot that has taken root around the world. The chatbot has already prompted many businesses to rethink how they work. Earlier this month, the latest version of software for the bot, GPT-4, was unveiled and has boasted remarkable results in completing tasks like creating websites from a simple sketch, passing exams with flying colours, and simplifying coding.
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Continued use of generative AI like ChatGPT will likely lead to job losses, say Goldman Sachs economists. However, they also noted that the level of technological advancement that initially left workers without jobs, has historically created employment opportunity in the long run.
As per the report, AI has the potential to replace 18% of work tasks globally. However, could create a productivity boom and boost global GDP by 7% annually over a 10-year period.
“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,” economists wrote in the report.
“The combination of significant labor cost savings, new job creation, and a productivity boost for non-displaced workers raises the possibility of a labor productivity boom like those that followed the emergence of earlier general-purpose technologies like the electric motor and personal computer.”
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