Goldman Sachs Predicts AI Could Replace 300 Million Jobs

However, the report also added that technological progress may mean new jobs and a productivity boom.

With recent advancements in artificial intelligence, people are increasingly worried that powerful technology may eliminate several jobs in the future. Now, a report by Goldman Sachs predicts that as many as 300 million jobs could be affected by generative AI. The report, as per BBC, says that AI could potentially replace the equivalent of around 300 million (30 crores) full-time jobs.

''If generative AI delivers on its promised capabilities, the labour market could face significant disruption. Using data on occupational tasks in both the US and Europe, we find that roughly two-thirds of current jobs are exposed to some degree of AI automation, and that generative AI could substitute up to one-fourth of current work,'' the investment banker said in a research note titled titled 'The Potentially Large Effects of Artificial Intelligence on Economic Growth.'

However, the report also added that technological progress may mean new jobs and a productivity boom, which could eventually boost global GDP by as much as 7 percent.

Generative AI systems like ChatGPT can create content very similar to human output and could spark a productivity boom over the next decade, the report said.