300 Million People Worldwide Could Face Job Loss Due to AI, Warns Goldman Sachs
According to a report by Goldman Sachs, artificial intelligence and services developed on its basis may lead to a loss of work for 300 million people worldwide, with two-thirds of jobs capable of being partially or completely automated in the US and Europe. The experts have highlighted positions related to accounting, office activities and administration as being the most at risk, while roles involving physical labour or building maintenance and cleaning being less threatened.
The report, while hinting at job losses, also mentions the positive impact that technological progress offers. It confirms that the use of artificial intelligence could enhance global GDP by seven percent, with a simultaneous increase in labour productivity.
The risks of job loss, however, can vary depending on the specific nation’s stage of development. While the report states that 18% of jobs worldwide could be automated, “in countries with the developing market, jobs are less subject to automation than in countries with a developed market.” This suggests that the level of automation growth potential may be lower in markets that are still developing.
The study stresses the importance of recognising the potential of AI to contribute to economic growth, while emphasizing the need for employers and governments to have the right focus on reskilling opportunities and targeted education programs that will help temporary job loss due to AI to be offset by new positions being created in the technology sector.