The Strategist

Artificial intelligence will boost GDP by 7%

03/31/2023 - 03:24

According to a Goldman Sachs research, recent developments in artificial intelligence (AI) could result in the automation of twenty-five percent of all work performed in the US and the eurozone.

Global Panorama
Global Panorama
A report on the potential impacts of generative AI on the economies and labor markets of developed nations and worldwide was released by economists at the American bank Goldman Sachs. Numerous experts have already noted how the automation of manufacturing in the 1970s and 1980s had an impact on new technologies' impact on the labor market. White-collar workers now engage in manufacturing, whereas blue-collar workers did so in the past.

According to GS, office employees in administrative roles and those in the legal industry are most at risk from generative AI.

The study notes that AI will have an impact on about 63% of the workforce in the US and Europe. Although some parts of their jobs might be automated, the remaining 30% of the workforce, who are mostly physically active or work outside the office, are unlikely to be impacted by technology.

At that, GS economists deny apocalyptic predictions, and estimate that only 7% of the US labor force may experience employment losses.