AI may automate up to 300 million jobs around the world: Goldman Sachs

Artificial intelligence could automate as many as 300 million full-time jobs around the world, according to a report by CNN. It quotes a report by Goldman Sachs' (GS) economists. The report said platforms like ChatGPT are based on artificial intelligence (AI) and may play a significant role in such a transition.

In a report published on March 26, GS economists predicted that 18 per cent of work globally could be computerised. The effects of this automation would be felt most in advanced economies.

The GS report added that white-collar workers appear to be more at risk than manual labourers. Elaborating on the professions most likely to be affected, GS experts have predicted that administrative workers and lawyers are expected to have the greatest impact. On the other hand, physically demanding or outdoor work such as construction and repair work is unlikely to be affected by advances in AI.

CNN quoted GS estimates approximately two-thirds of current jobs in the United States and Europe "are exposed to some degree of AI automation," and up to a quarter of all work could be overtaken by AI completely.

The GS economists wrote in the report that if generative artificial intelligence "delivers on its promised capabilities, the labour market could face significant disruption," CNN reported. The term "generative artificial intelligence" refers to the technology behind ChatGPT, the chatbot that has gained immense popularity in recent months.

The developers of the ChatGPT released its latest version, GPT-4, this month. The report said that early users of the platform have found it impressive. It can simplify codes and quickly create a website, among other capabilities. The report added that the latest version of the bot could pass tough exams with high marks.

GS economists also said that technological innovation that initially displaced the workforce also creates new opportunities in the long run. They added while workplaces may shift, widespread adoption of AI could ultimately result in increased productivity. The GS report said that AI may boost global GDP by 7 per cent annually over a 10-year period.