Economists Say 300 Million Full-time Jobs Globally Could be at Stake Amid New Wave of AI

Goldman Sachs economists have put out a report that shows as many as 300 million full-time jobs around the world could be automated in some way using artificial intelligence (AI). It is also said that advanced economies would feel the brunt of this change instead of emerging economies.

The new wave of AI that has brought forth platforms like ChatGPT could in some way replace about 300 million full-time jobs around the world, according to a report by economists from Goldman Sachs. They stated that 18 percent of work globally could be computerized and that advanced economies would feel the effects of this more deeply compared to emerging markets. This is because white-collar workers would be at more of a risk than manual labourers.

As for jobs in the United States and Europe, the economists believe that up to a quarter of all work could be done by AI completely and two-thirds of current jobs “are exposed to some degree of AI automation.”

Referring to ChatGPT, the economists said that the labour market could face significant disruption if AI technology can deliver on what it promises.

This month, the latest version of the AI platform, ChatGPT 4 was released, and it has already gained a lot of praise from its users. It has the ability to simplify coding, rapidly create a website from a simple sketch, and pass exams with high marks.

While this has the potential to take away a lot of jobs from humans, the economists state a technological innovation that initially displaces workers has, in the past, also created employment growth in the long term. “Although the impact of AI on the labour market is likely to be significant, most jobs and industries are only partially exposed to automation and are thus more likely to be complemented rather than substituted by AI,” the economists shared.

Vineet Washington