AI May Replace Nearly 300 Million Jobs:
Goldman Sachs, an investment bank, reported that artificial intelligence (AI) has the potential to replace approximately 300 million full-time jobs.
The report also suggests that AI could replace a quarter of work tasks in the US and Europe, but it could also create new jobs and increase productivity.
The report predicts that AI could eventually increase the total annual value of goods and services produced globally by 7%.
Also, The report also notes that generative AI, which can produce content that is virtually indistinguishable from human work, is a significant breakthrough.
The UK government aims to promote investment in AI, which it believes will enhance productivity across various industries.
The government seeks to allay public concerns about the potential impact of AI.
Technology Secretary Michelle Donelan stated:
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.
According to the report, AI may potentially automate about 46% of administrative and 44% of legal tasks in various sectors, whereas only 6% in construction and 4% in maintenance.
ChatGPT’s ability to assist individuals with average writing abilities in creating essays and articles could result in increased competition for journalists, which may lead to reduced wages unless demand for their services significantly increases.
Although generative AI, such as ChatGPT, could lead to a reduction in employment in the near future, similar to past technology advancements, the long-term impact of AI remains uncertain.
Therefore, all firm predictions should be regarded with caution.
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