Goldman Sachs: AI Could Replace 300 Million Jobs, Boost Productivity

generative ai could replace job

Investment bank Goldman Sachs estimates that artificial intelligence (AI) will replace 300 million full-time jobs by 2025.

In the US and Europe, it may replace up to a quarter of work tasks, as well as create new jobs and boost productivity.

As a result, it may be possible to increase the value of goods and services produced globally by 7% by 2020.

AI that generates content that is indistinguishable from human production represents a “major advance”, according to the report.

According to the report, AI will have a different impact in different sectors – 46% of administrative and 44% of legal tasks will be automated, but only 6% of tasks in construction and only 4% in maintenance will be automated.

It is estimated that 60% of workers are employed in occupations that did not exist in 1940, according to research cited in the report.

There are, however, other studies suggesting that technological change since the 1980s has resulted in a greater displacement of workers than a creation of jobs.

According to the report, generative artificial intelligence may reduce employment in the short term if it is similar to previous information-technology advances.

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