That artificial intelligence is here to stay is a well know fact, but whether it will completely replace human jobs is yet to be known. After all, we don’t really know how much we humans will depend on AI in the future or what all skills AI will master in the times to come. While only time can tell the kind of human jobs AI can replace and exactly how many of them, there is a growing concern among professionals. More so with ChatGPT gaining popularity.
Last year, in August, reports said that about 69 per cent of jobs in India were under threat from automation, because the Indian workforce is relatively young. Also, it was, at the time, set to add 160 million new workers over a period of two decades.
A recent study by Goldman Sachs reportedly reveals that AI can replace two-thirds of jobs in the US and the European Union, which is not surprising considered the widespread automation in these regions.
The report reveals that maximum jobs will be impacted in the administrative and legal domains. About 46 per cent of administrative jobs and 44 per cent of legal jobs may well be replaced by artificial intelligence. Businesses where work is physically intensive may not be impacted as much, for instance, jobs in the construction and maintenance domains. Only about six and four per cent jobs, respectively, will be taken away by AI in these domains.
But there is good in all this. There will be better labour productivity growth per year in the US. The same will improve by 1.5 per cent in ten years’ time.
The global economy will get a push due to widespread AI automation. The global GDP is likely to go up by seven per cent in a decade or so. There will be global growth thanks to new jobs that will be created and the increased savings in terms of labour costs and enhanced productivity of non-displaced workers.
