Goldman Sachs: AI technologies could destroy 300 million jobs

Goldman Sachs: AI technologies could destroy 300 million jobs

New York, April 2, 2023

Generative AI technologies have the potential to replace 300 million full-time employees through automation, according to a report by Goldman Sachs analysts.

Economists estimate that around two-thirds of jobs in the US and Europe could be transformed in some way by AI automation.

The report predicts „significant disruptions“ to the global job market. The professions

with the highest risk of termination are lawyers and administrative employees. Construction and maintenance work are hardly affected.

In the US, the results show that most occupations at risk of exposure to AI would have a partial but still significant percentage — 25% to 50% — of their workload replaced with automation.

However, according to the authors, there is another side. Thereafter, generative AI products could trigger a „productivity boom“ that would significantly boost economic growth. Annually, the GDP could increase by 7% worldwide – and that over 10 years.