AI to replace two-third of jobs: Goldman Sachs report

According to Goldman Sachs, the meteoric growth of artificial intelligence (AI) will have a stark impact on labour markets worldwide. The research conducted by Goldman Sachs found that about two-thirds of jobs in the European Union and the US are currently reliant to some degree on AI.

The research report authored by Joseph Briggs and Devesh Kodnani predicted a grim outlook for administrative and legal sectors by stating that 44 percent of legal jobs and 46 percent of administrative roles will be replaced by AI. The report juxtaposed that physically labourious fields such as maintenance and construction would be least affected with low exposure to AI of 4 percent and 6 percent respectively.

However, the research also pointed out the fact that cutting-edge generative AI like ChatGPT – a software designed to write and create content identical to humans – could lead to an economic boom and catapult global GDP by 7 percent in the next 10 years.

But the report also warned that 300 million jobs across the globe could be potentially automated, causing noteworthy disruptions in job markets worldwide. Nevertheless, the majority of employees would witness only half of their workload getting automated and AI would free up time for them to focus on more important tasks.

As per the research, AI will assume the role of an assistant in approximately 63 percent of jobs in the US, but 7 percent of employees would be relatively more impacted with over half of their tasks slated to be automated, leaving them susceptible to being replaced by AI, the Financial Times reported.

Nonetheless, highly skilled jobs like arbitration and treating critically ill patients are expected to be solely human responsibilities and are unlikely to be affected by AI. According to the Daily Mail, the report is expected to instill fear in many white-collar workers about the obsolescence of their roles.

To add a twist to the tale, we asked ChatGPT about the kind of jobs wherein AI would replace humans in the future. Here is the response:

AI has the potential to automate a wide range of jobs that are currently performed by humans. Some jobs that are likely to be replaced or heavily impacted by AI in the future include:
1. Data entry and processing: AI can be programmed to analyze and process vast amounts of data much faster and more accurately than humans.
2. Customer service: Chatbots and other AI-powered virtual assistants can handle basic customer inquiries and support, reducing the need for human customer service representatives.
3. Manufacturing and production: Robots and other automated systems can handle many of the repetitive and dangerous tasks involved in manufacturing and production, reducing the need for human workers.
4. Transportation: Self-driving cars and trucks could eventually replace human drivers in many industries, such as delivery and transportation.
5. Retail and sales: AI can help retailers and sales teams analyze customer data, personalize recommendations, and automate routine tasks.
6. Banking and finance: AI can help banks and financial institutions automate tasks such as fraud detection, risk assessment, and investment analysis.

It’s important to note that while AI may replace certain jobs, it will also create new jobs and opportunities in other areas, such as AI programming, development, and maintenance.

 

Disclaimer: The views expressed in this article are those of the author and do not necessarily reflect the views of ET Edge Insights, its management, or its members

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