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ChatGPT | Goldman Sachs Report Predicts Generative AI Could Replace 300 Million Jobs

Generative AI such as ChatGPT has the potential to replace 300 million jobs and will impact certain sectors more than other, says Goldman Sachs

Thu Mar 30 2023

A new Goldman Sachs report revealed 300 million jobs in the US and Europe are at risk of being replaced by generative artificial intelligence (AI) such as ChatGPT. AI advancements could also create new jobs and lead to a productivity boom, the report said. 

The prestigious investment bank analyzed data on occupational jobs in the US and Europe, it found that two thirds of jobs were exposed to AI automation. The study suggested if generative AI continues to advance, then the workload of 25-50% of these jobs will be replaced by AI. 

The report also suggested the impact of AI will vary significantly across sectors: 46% of tasks in administrative sectors and 44% in legal sectors could become automated in the near future, while only 6% of jobs in construction and 4% in maintenance would likely be affected. 

The report found that most jobs are only partially exposed to automation, meaning while 7% of US jobs could be replaced by AI, 30% of jobs will likely remain unaffected and 63% of industries will benefit from working alongside AI. 

Goldman Sachs noted integrating AI into these industries could lead to the creation of more jobs and a productivity boom which would amount to a 7% boost in global GDP. 

The latest wave of artificial intelligence has seen a development in generative AI platforms such as ChatGPT. The chatbot can generate text and content which mimics human work. 

Data cited in the report showed that continued development in generative AI systems could make them capable of performing more work-related tasks.

Talent management technology company, Beamery, recently announced the launch of Talent GPT, a generative AI tool that could be used to create job descriptions for employees and help with HR duties.

According to research cited in the report, 60% of workers today are engaged in work that didn’t exist in 1940. The report also showed that technological changes since 1980 have displaced workers quicker than it has created jobs, suggesting generative AI could have a similar impact.

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