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Generative AI has already had a significant impact on everyday technology use. According to a Goldman Sachs report, it will soon disrupt the labor market and could eliminate 300 million jobs worldwide and AI replaces jobs.
According to the report, AI automation will affect roughly two-thirds of jobs in the United States and Europe. It stated that AI can replace a portion of the workload, but a significant portion (25-50%) of the majority of these jobs. Many jobs are at risk because of AI.
According to the report, artificial intelligence (AI) has the potential to replace one-quarter of the current jobs in the United States and Europe.
The widespread adoption of generative AI could result in a 7% or US$7 trillion increase in global GDP, according to the report, which also predicted that it would have a positive effect on GDP worldwide.
Additionally, the report suggested that if AI is widely implemented, it could increase annual labor productivity growth in the United States by just under 1.5% points over ten years.
Which Jobs Are Affected?
The report from Goldman Sachs says that AI will only affect some jobs and not all of them. For instance, occupations, such an example, development, cleaning, and upkeep can't be supplanted totally by simulated intelligence.
The percentage of work that can be automated for each industry segment is discussed in the report. The jobs in office administration and support had the highest percentage of tasks that could be automated and eventually replaced by AI in the United States, with 46%. The report says that AI can automate and replace 44% of tasks in US legal jobs.
Additionally, in the United States, artificial intelligence (AI) has the potential to replace a third of management and community and social service tasks.
According to the report, about 45% of tasks in jobs that are related to clerical support in the Euro area can be automated.
