New York, Mar 30 (EW): American financial services company Goldman Sachs has warned that the latest artificial intelligence (AI) advancements, especially platforms like ChatGPT, could affect as many as 300 million full-time global jobs.
In a report, Goldman Sachs said that most of the jobs could be automated in some way or the other by the newest wave of AI and up to 18 per cent of work around the globe could be computerised, with the effects felt more deeply in advanced economies than emerging markets.
That was partly because white-collar workers (those who work in an office) were seen to be more at risk than manual labourers.
The report said administrative workers and lawyers were expected to be most affected compared to the “little effect” seen on physically demanding or outdoor occupations, such as construction and repair work.
The report said that in the United States and Europe, approximately two-thirds of current jobs “were exposed to some degree of AI automation,” and up to a quarter of all work could be completely done by AI.
The report said the labour market could face significant disruption if generative artificial intelligence “delivers on its promised capabilities. The term refers to the technology behind ChatGPT, the chatbot sensation that had recently taken the world by storm.
ChatGPT, which could answer prompts and write essays, has already prompted many businesses to rethink how people should work daily.
Earlier this month, its developer unveiled the latest version of the software behind the bot, GPT-4. The platform instantly impressed early users with its aptitude to simplify coding, rapidly create a website from a simple sketch and pass exams with high marks.
Future use of such AI is likely to lead to job losses, the Goldman Sachs report said, adding that technological advancements that initially displace workers has historically also created employment over the long haul.
While workplaces might shift, widespread adoption of AI could ultimately increase labour productivity and boost global GDP by 7 per cent annually over 10 years, according to Goldman Sachs.
“It said that although the impact of AI on the labour market was likely to be significant, most jobs and industries were only partially exposed to automation and were thus more likely to be complemented rather than substituted by AI.
The report said most workers were employed in occupations that were partially exposed to AI automation. Following AI adoption, they will likely apply some of their freed-up capacity toward productive activities that increase output.
Of US workers expected to be affected, the report said up to 50 per cent of their workload could be replaced.
“The combination of significant labour cost savings, new job creation, and a productivity spike for non-displaced workers raises the possibility of a labour productivity boom like those that followed the emergence of earlier general-purpose technologies such as the electric motor and personal computer.”
