Artificial Intelligence to impact 300 million jobs globally

Artificial Intelligence has become an important part of our life.  This fast growing technology is increasing in every sector. As many as 18% of Global jobs could be automated due to rise of Artificial Intelligence platforms, expected to impact advanced economies. The Goldman Sachs report predicts that 300 million jobs will be lost By Artificial intelligence. The workforce worldwide would be upended.

Goldman Sachs predicts that the growth in AI is increasing fast. Just as the world went from main computers to modern day technology, there will be a fast growth in Artificial intelligence also and it will play a vital role in reshaping the world. AI will score brilliantly in every sector, it added. According to Stanford’s AI index Report the investments in AI has nearly crossed $94 billion in two years. If it continues AI could add 1% to the U.S. GDP by 2030.  The Goldman Report also predicts that the legal, Engineering, business, Sales, Healthcare, Architecture, Management, and art and designs are some of the sectors mainly impacted by it, so the jobs here will be at risk. White collar jobs will face more automation than manual labor, as it is not possible to computerize manual labor. The labor market could face significant disruption, the report added.

Before we proceed further, it is important to understand what Generative Artificial Intelligence actually is? It is actually designed to create content like images, text, music and entire videos without actually being programmed to do so. This type of AI is dependent on deep learning algorithms and can be trained to produce original content. AI can also be used in Creative as well as practical fields, it can also give new compositions to old songs. It can also create images that do not exist in this real world.

It is also important to understand what other organizations are saying about AI.  According to a report The World Economic Forum(WEF) in 2020, “ A new generation of smart machines fueled by AI and robotics can replace large proportion of existing human jobs” Robotics and AI will  cause a double disruption, it said. The PriceWaterhouseCoopers reported  that AI and Robotics have the potential to bring great economic benefits ,contributing to $15 trillion to global GDP by 2030, but will come at a high human cost. Though it would generate new jobs but could also displace some existing ones”, it adds.  Though AI proponents believe there is nothing to worry as they have successfully dealt with technologies in the past.  Millions of workers in China, US, japan , germany and other countries have to retool their workers. 

 As per the Goldman Sachs report the United States, Europe, Hong kong, Japan, Sweden are likely to be most affected . But countries like India, Kenya, China, Nigeria, Vietnam will be least affected by automation. Generative AI is the technology that powers ChatGPT.