Goldman Sachs Report: 300 Million Jobs Could Be Automated by AI Innovations, (from page 20230401.)
External link
Keywords
- AI
- automation
- labor market
- job loss
- productivity
- Goldman Sachs
- ChatGPT
Themes
- artificial intelligence
- job automation
- labor market
- economic impact
- technology
- productivity
Other
- Category: economics
- Type: news
Summary
A Goldman Sachs report suggests that up to 300 million full-time jobs globally could be automated due to advancements in AI, with 18% of work potentially computerized. The impact is expected to be more pronounced in advanced economies, particularly affecting white-collar jobs such as administrative roles and legal professions. In the U.S. and Europe, two-thirds of jobs are somewhat exposed to AI, with a possibility that AI could fully take over a quarter of all work. While job losses may occur, AI adoption could also lead to increased productivity and a potential 7% boost to global GDP over a decade. The report highlights that most jobs are only partially exposed to automation, suggesting that many workers will still engage in productive activities.
Signals
name |
description |
change |
10-year |
driving-force |
relevancy |
AI Job Automation |
300 million full-time jobs worldwide could be automated by AI advancements. |
Shift from human labor to automated processes in various sectors. |
AI may significantly reshape job markets, potentially leading to new roles and industries. |
The rapid development and deployment of generative AI technologies. |
5 |
Disparity in Job Impact |
White-collar jobs are at a higher risk of automation compared to manual labor jobs. |
Increased automation in office roles while manual jobs remain relatively safe from AI. |
Employment landscape may favor manual labor roles over white-collar positions due to automation. |
The nature of tasks performed in white-collar versus manual labor jobs. |
4 |
Productivity Boost |
Widespread AI adoption could increase labor productivity and global GDP by 7% annually. |
From traditional productivity rates to a new era of enhanced efficiency through AI. |
Economies could experience unprecedented productivity gains, changing economic dynamics. |
The efficiency and capabilities of generative AI technologies. |
4 |
Partial Job Automation |
Most jobs may only be partially exposed to AI, leading to complementary roles. |
Transition from complete job displacement to partial automation and role enhancement. |
Workers may find new ways to collaborate with AI, enhancing their productivity. |
The need for human oversight and creativity in AI applications. |
4 |
Historical Employment Trends |
Technological innovation historically displaces jobs but also creates new ones. |
Shift from job displacement fears to recognizing potential job creation through innovation. |
New job sectors may emerge, balancing out the displacement caused by AI. |
The cyclical nature of technological advancement and labor market evolution. |
4 |
Concerns
name |
description |
relevancy |
Job Automation and Displacement |
Up to 300 million full-time jobs may be automated, leading to widespread job losses, especially in advanced economies. |
5 |
Economic Inequality |
Automation could exacerbate economic disparities, impacting primarily white-collar workers and contributing to a divide between advanced and emerging markets. |
4 |
Labor Market Disruption |
Significant disruption in the labor market as AI technologies change job roles and requirements, leading to uncertainty for many workers. |
5 |
Dependence on Technology |
Increased reliance on AI for job functions may lead to vulnerabilities if systems fail or are compromised. |
4 |
Skill Mismatch and Workforce Adaptation |
Workers may face challenges in adapting to new roles or acquiring necessary skills as AI integration continues. |
5 |
Productivity vs. Employment Balance |
While AI may boost productivity, it raises concerns about whether job growth will keep pace with automation-induced job losses. |
4 |
Behaviors
name |
description |
relevancy |
Automation of White-Collar Jobs |
A significant portion of white-collar jobs may be automated, affecting administrative roles and legal professions more than manual labor jobs. |
5 |
Shift in Work Dynamics |
Businesses are rethinking work processes and structures in response to AI capabilities, indicating a transformation in workplace dynamics. |
4 |
Job Displacement and Creation Cycle |
Historical trends show that while AI may displace jobs, it also leads to the creation of new employment opportunities over time. |
4 |
Increased Labor Productivity |
Adoption of AI could lead to increased labor productivity and a potential boost in global GDP. |
5 |
Partial Automation of Workloads |
Most jobs are only partially exposed to automation, suggesting workers may adapt and enhance productivity rather than be fully replaced. |
5 |
Labor Productivity Boom |
The potential for a labor productivity boom similar to past technological advancements like the electric motor and personal computer. |
4 |
Technologies
name |
description |
relevancy |
Generative Artificial Intelligence |
AI technology capable of generating text, code, and content autonomously, exemplified by platforms like ChatGPT and GPT-4. |
5 |
AI Automation |
The use of artificial intelligence to automate tasks and processes in various industries, impacting job roles and productivity. |
5 |
AI-driven Labor Market Transformation |
The potential shift in the labor market dynamics due to AI, leading to job displacement but also new job creation and productivity enhancements. |
4 |
Issues
name |
description |
relevancy |
AI Automation and Job Displacement |
The potential for automation to replace 300 million jobs globally raises concerns about unemployment and workforce adaptation. |
5 |
Sector-Specific Impact of AI |
White-collar jobs are more at risk from AI automation compared to manual labor jobs, affecting sectors differently. |
4 |
Economic Disruption and Growth |
While AI may lead to job losses, it could also stimulate economic growth and productivity, creating new employment opportunities. |
4 |
Partial Automation of Jobs |
Most jobs will not be fully automated but will see a shift in workload and responsibilities due to AI integration. |
4 |
Long-Term Effects of Technological Innovation |
Historically, technological advancements have displaced jobs but also led to long-term employment growth and productivity improvements. |
5 |
Labor Productivity Boom Potential |
The emergence of AI could lead to a significant increase in labor productivity similar to past technological revolutions. |
3 |