Report Says the New Artificial Intelligence Could Replace 300 Million Human Jobs

In a recent report published by the investment bank, Goldman Sachs states that advanced Artificial Intelligence (AI) can replace up to 300 million jobs.

Image credit- BBC NEWS

A recent study conducted by Goldman Sachs, an investment bank shows that the usage of Artificial Intelligence or AI in the workplace can have huge impacts. People have been arguing about how the introduction of AI and robots in the workplace can hamper and replace actual human jobs and this report confirms that. According to the report, it can replace up to 300 million jobs in the US and UK. In recent past years, the world has seen several technological updates and upgrades, along with the introduction of many technologies. One of these is Artificial Intelligence which is now again the talk of the town.

 But the job losses are not the only thing that is highlighted in this report; there are also rays of hope. The report also states that this can possibly mean new job opportunities and a boom in productivity. It could also eventually increase the total annual value of goods and services by 7% that is produced globally. The report further says that Generative AI which is able to create indistinguishable content from human work is “a major advancement”. In addition to that, the government in the UK is keen to promote investment in AI and has already started reassuring the public about its impact. To inspire UK businesses and investors, the government mentions AI to be beneficial for the workplace as it will “ultimately drive productivity across the economy”.

 The Technology Secretary Michelle Donelan said, “We want to make sure that AI is complementing the way we work in the UK, not disrupting it – making our jobs better, rather than taking them away,” in a statement given to the Sun. According to the published report, the impact of AI in the workplace will vary based on the sectors, where 46% of administrative tasks and 44% of legal tasks can be automated. On the other hand, when it comes to construction tasks and maintenance tasks, only 6% and 4% can be automated respectively. But the people are still far from being assured, as news reports state that even artists are concerned about the AI images threatening their art.

 This is not the only concern people are having over the new AI impact report, as there can be a possibility of wages being reduced. The future of-work director at the Oxford Martin School, Oxford University, Carl Benedikt Frey in a conversation with BBC news stated, “The only thing I am sure of is that there is no way of knowing how many jobs will be replaced by generative AI”. Giving an example of introducing GPS in driving platforms like UBER, he said, “Suddenly, knowing all the streets in London had much less value – and so incumbent drivers experienced large wage cuts in response, of around 10% according to our research”. This resulted in lower wages and according to Frey the future result of using generative AI in the workplace will also mean the same.

Edith Slocum

I am Edith Slocum and I have over 16 years experience in the financial services industry giving me a vast understanding of how news affects the financial markets. I am an active day trader spending the majority of my time analyzing earnings reports and watching commodities and derivatives. I have a Masters Degree in Economics from Westminster University with previous roles counting Investment Banking. <strong>Address:</strong> 4510 Sigley Road, Salina, KS 67401, USA <strong>Phone:</strong> (+1) 785-534-9610 <strong>Email:</strong> [email protected]

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