The issue of whether Artificial Intelligence (AI) will replace human jobs has been a recurring concern globally. Goldman Sachs, an investment bank, has published a report indicating that AI could replace approximately 300 million full-time jobs. This report suggests that around two-thirds of jobs in the US and Europe could be automated.
Despite this, the report also predicts a potential productivity boom, with an estimated seven per cent increase in the total annual value of goods and services produced worldwide over a decade. Another research cited in the report reveals that nearly 60 per cent of workers perform jobs that did not exist in 1940.
The report concludes that technological advancements since 1980 have displaced workers more quickly than creating new jobs, which could lead to job losses in the short term as AI continues to develop. The report also notes that Generative AI, which can produce content such as videos, images, audio, text, and 3D models that are indistinguishable from human work, is a significant advancement that will impact jobs globally.
According to Goldman Sachs’ report, administrative and legal sectors will be hit the hardest, with 46 per cent of administrative jobs and 44 per cent of legal jobs at risk of being replaced by AI. However, physically demanding professions such as construction and maintenance have a lower risk, with only a six per cent and four per cent likelihood of being replaced, respectively. The report also suggests that almost all jobs will be affected to some extent.
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