AI could replace equivalent of 300 million jobs – report

AI could replace equivalent of 300 million jobs – report

There have been various reports and studies discussing the potential impact of AI on the workforce. While some predict significant job displacement, others argue that AI will create new job opportunities and transform industries in positive ways.

It is important to note that the exact number of jobs that could be replaced by AI is difficult to determine, as it depends on various factors such as the specific tasks and industries involved, the level of AI development and adoption, and the ability of humans to adapt and reskill.

AI could replace equivalent of 300 million jobs - report

That being said, it is true that it has the potential to automate many routine and repetitive tasks across various industries, which could lead to job displacement. A report by the McKinsey Global Institute in 2017 estimated that up to 375 million jobs, or roughly 14% of the global workforce, could be automated by 2030.

However, the report also noted that while some jobs will be eliminated, new jobs will be created as a result of adoption. These new jobs will require different skill sets, and some workers may need to reskill or upskill to remain competitive in the job market.

It is important for policymakers, businesses, and individuals to prepare for the potential impacts of it on the workforce and take steps to ensure a smooth transition to the future of work. This includes investing in education and training programs, developing new industries and job opportunities, and implementing policies that support workers affected by AI-driven job displacement.

According to a report by investment bank Goldman Sachs, artificial intelligence (AI) has the potential to replace the equivalent of 300 million full-time jobs.

It could eliminate 25% of work in the United States and Europe, creating new jobs and increasing productivity.

Additionally, it has the potential to eventually result in an increase of 7% in the global annual value of goods and services.

According to the report, generational, which can produce content that is comparable to that produced by humans, is “a major advancement.”

Opportunities for employment

The government of the United Kingdom is eager to encourage investment in AI, which it claims will “ultimately drive productivity across the economy,” and it has attempted to reassure the public about its impact.

According to a statement made by Technology Secretary Michelle Donelan to the Sun, “We want to make sure that it is complementing the way we work in the UK, not disrupting it – making our jobs better, rather than taking them away.”

The report says that it will have different effects on different industries. It says that 44% of legal and 46% of administrative tasks could be automated, but only 6% of construction and 4% of maintenance tasks could be automated.

Some artists’ concerns that AI image generators could harm their employment prospects have previously been reported by BBC News.

“Lower wages”

Carl Benedikt Frey, future of-work director at Oxford University’s Oxford Martin School, told BBC News, “The only thing I am sure of is that there is no way to know how many jobs will be replaced by generative AI.

“For instance, ChatGPT lets more people with average writing skills write essays and articles.

“Unless we see a very significant increase in the demand for such work, journalists will therefore face more competition, which would drive down wages.

“Think about introducing platforms like Uber and GPS technology. All of London’s streets suddenly became much less valuable, and as a result, incumbent drivers saw significant pay cuts of approximately 10%, according to our research.

“The outcome was not fewer drivers but rather lower wages.

“Generative AI is likely to have similar effects on a wider range of creative tasks over the next few years.”

“Pinch of salt”

According to the report, sixty percent of workers are employed in fields that did not exist in 1940.

However, other research indicates that technological advancements since the 1980s have resulted in a greater number of job losses than gains.

The report concludes that generative AI could reduce employment in the near future if it behaves similarly to previous advancements in information technology.

The drawn out effect of simulated intelligence, notwithstanding, was profoundly questionable, CEO of the Goal Establishment think tank Torsten Ringer told BBC News, “so all firm forecasts ought to be taken with an exceptionally enormous spot of salt”.

He stated, “We do not know how the technology will evolve or how businesses will integrate it into how they work.”

“That’s not to say that AI won’t disrupt the way we work; rather, we should also focus on the risk of falling behind if other businesses and economies better adapt to technological change and higher-productivity work and services that are cheaper to run.”

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