Artificial Intelligence could cost us 300 million jobs

Artificial intelligence (AI) could cause "significant disruption" to the labor market and put millions of jobs worldwide at risk if it fulfills its potential, Goldman Sachs has claimed.

Generative AI like ChatGPT could replace up to 300 million full-time jobs worldwide, according to estimates shared in a report published by the investment bank on Sunday.

The technology, which can independently create new materials, represents "a major breakthrough with potentially large macroeconomic effects," argued Goldman Sachs.

Roughly two-thirds of jobs in the US and Europe are exposed to "some degree of AI automation," while generative AI could be used as a replacement for a quarter of current jobs.

"Despite considerable uncertainty surrounding the potential of generative AI, its ability to generate content indistinguishable from human-made output and break down communication barriers between humans and machines reflects a major advance with potentially large macroeconomic effects" , said Goldman Sachs./CNA

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