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 already 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.
“If generative AI delivers on its promised capabilities, the labour market could face significant disruption,” the investment banker said in a research note titled titled “The Potentially Large Effects of Artificial Intelligence on Economic Growth.”
“Using data on occupational tasks in both the US and Europe, we find that roughly two-thirds of current jobs are exposed to some degree of AI automation, and that generative AI could substitute up to one-fourth of current work,” the statement added.
According to the research, technological development might lead to a surge in productivity and the creation of new jobs, which would ultimately boost the global GDP by up to 7%.
The study claims that since generative AI systems like ChatGPT can create content that is highly equivalent to that created by humans, productivity may increase over the next ten 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 information-technology developments, it may have an immediate detrimental impact on employment.
According to the analysis, the impact will 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 employment 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.
