Artificial intelligence (AI) could cause “significant disruption” to the labor market and jeopardize millions of jobs around the world, if it lives up to its potential, Goldman Sachs has claimed.
Generative AI such as ChatGPT could replace up to 300 million full-time jobs worldwide, according to estimates shared in a report published by the investment bank on Sunday. The technology, which can independently create new material, represents “a major advancement with potentially large macroeconomic effects,” Goldman Sachs argued.
Roughly two-thirds of jobs in the US and Europe are exposed to “some degree of AI automation,” while generative AI could be used as a substitute for a quarter of current jobs.
“Despite significant uncertainty around the potential of generative AI, its ability to generate content that is indistinguishable from human-created output and to break down communication barriers between humans and machines reflects a major advancement with potentially large macroeconomic effects,” Goldman Sachs said.