Will artificial intelligence take our jobs? 300 million jobs may evaporate

Analysts of the New York investment bank Goldman Sachs have no doubts. Everything indicates that the so-called generative artificial intelligence – despite its young age – would already manage to work in many professions today. Worse yet, they believe that AI may also cause an earthquake in the global labor market.

AI is already doing analysis and even making decisions. And faster than humans

The report published by the bank shows that the extremely rapid development of AI means that it will soon be able to take over a lot of duties from human employees. According to analysts, in the highly digitized United States and Eurozone countries, artificial intelligence is able to automate the processes that consume 25 percent. the entire scope of work or – if you prefer – perform 1/4 of all official tasks for us. Already, systems (e.g. ChatGPT) are able to, for example, perform analyses, generate texts, and even make decisions – and much faster than humans. What’s more, the support of artificial intelligence will not only make it easier to perform simpler tasks, but will also help to increase the efficiency of processes that AI cannot handle on its own. Alone According to the bank, the increase in employee productivity should translate into an increase in global GDP by as much as 7 percent. over the next decade. Unfortunately, there are also dark sides to the extremely rapid development of AI. Goldman Sachs researchers calculated that as many as two-thirds of all jobs in the US and Europe are at varying degrees of exposure to AI automation.

Revolution in the labor market? Analysts: The equivalent of as many as 300 million full-time jobs will disappear

Currently, 7 percent of people in the United States work in jobs where at least half of the tasks can already be performed by artificial intelligence. Modern systems like ChatGPT have the hardest hit administrative staff and lawyerswhere they are able to automate accordingly 46 and 44 percent. all tasks. Analysts also recognized that the jobs that require physical effort remain the most resistant to the influence of AI – above all construction and renovation industrywhere the impact of AI on work will be negligible and amount to respectively 6 and 4 percent. Nevertheless, putting AI to work will cause a real storm on the global labor market, from which – as the bank estimates – the equivalent of as many as 300 million full-time jobs will disappear. This number also includes a reduction in the working time of some employees due to the automation of some tasks that they have performed so far. All this will result in a surplus of people willing to work in relation to the demand, and as a result, a decrease in the value of “human” work, lower wages and layoffs.