As we know, the emergence of AI has changed the world and work environment in recent years, leading to significant changes in the work environment.
A recent report presented by Goldman Sachs stated, “the widespread adoption of artificial intelligence (AI) has the potential to replace approximately 300 million full-time jobs”.
While this may cause concerns for many individuals, AI is an advanced, intelligent technology that can perform almost every task. AI could create new job opportunities and boost productivity.
Moreover, Goldman Sachs, an economist, predicts that AI could automate 18% of work. Though, with the rise of advanced platforms like chatGPT, Bing, and Bard, that can easily automate daily workflow. Nearly 300 million full-time jobs are at risk of becoming automated.
According to another report by Goldman Sachs, “the labor market could face significant disruption, nearly 18% of work can be computerized, and white-collar workers could be the first to be replaced”.
Therefore, lawyers and administrative workers are expected to be at high risk of losing work to automation. However, jobs having physical activities that require manual labor and outdoor tasks will have little impact from the AI boom.
As per the reports, about two-thirds of the current jobs in the United States and Europe are “exposed to some degree of AI automation,” and AI may eventually replace up to 25% of current employment.
Furthermore, economists have also predicted that AI could eventually boost the total annual value of goods and services produced globally by 7%.
Moreover, the generative AI, smart enough to produce excellent content virtually indistinguishable from human
work, represents a significant breakthrough.
As we know, ChatGPT is also capable enough to solve math problems and exam papers and generate an email and creative content.
Many companies invest in generative AI to boost their business and employees’ productivity. Big tech giants such as Microsoft, Google, and other tech companies are trying to build their bots.
Moreover, the UK government is also interested in encouraging investment in AI. The government believes that it will ultimately enhance productivity in many fields. In addition, the government is seeking public votes about the potential and impact of AI.
Michelle Donelan, technology secretary, said, “we want to make sure that AI is complementing the way we work in the UK, not disrupting it. we aim to make our jobs better, rather than taking them away”.
According to the analysis, the result of AI has impacted different sectors differently. According to the predictions by senior economists, nearly 46% of the administrative industry and 44% of legal professions could be automated.
Whereas it will affect only 6% of construction and 4% of maintenance could be automated.
A report by McKinsey Research Institute, published in 2018, revealed that 400 million people worldwide could be displaced due to AI before 2030. It is also predicted that AI could account for $3.5 trillion to $5.8 trillion in annual value.
Though it is also expected that labor productivity will increase within the next 10 years, and it is also estimated that by incorporating AI, the annual GDP growth will increase by 7%.
With the intelligence of AI, economists anticipate a “productivity boom” that could substantially increase economic growth due to AI’s potential to cut labor costs, boost productivity and generate new jobs. The time for such a boom is “difficult to predict.”
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