AI will affect 300 million workers in Europe and the US

If it lives up to expectations, AI will cause disruption in the labor market
(photo: CC0 Public Domain)

The stormy one advances in artificial intelligence could lead to the automation of a quarter of jobs in European and US markets. Stens of millions of people will be forced to look for new work, it was announced Financial Times, referring to the results of a survey of Goldman Sachs.

Generative AI systems like ChatGPT can create content that is indistinguishable from the fruits of human labor – they can significantly increase labor productivity and increase global GDP by 7% within 10 years.

But if AI lives up to its expectations, it will also cause “significant disruption” to the labor market – in the major economies of Europe and the United States alone, AI automation will affect 300 million jobs. The biggest risk of layoffs hangs over lawyers and administrative staff, analysts say.

In most occupations, automation will affect less than half of the workload, but this will not lead to layoffs, but to increased productivity. This scenario will affect 63% of jobs; and another 30% of people engaged in manual or outdoor work are unlikely to be affected by the changes, although their work may undergo various forms of automation.

In the US alone, about 7% of specialists are in jobs where generative AI could perform at least half of the tasks, and it is these people who can be replaced by computers – a similar effect should be expected in Europe.

In a global context, given that in developing countries physical labor accounts for a significant share of employment, AI will be able to perform about 20% of tasks. In major economies, the introduction of AI will affect the jobs of approximately 300 million people.

Last week, OpenAI, the company that developed ChatGPT, predicted that at least 10% of the tasks of 80% of all workers in the US could be performed by generative AI. In addition, Europol officials warned of the impending invasion of “dark large language patterns” which will represent “the key criminal business model of the future”.

Business investment in AI will continue to grow at the same rate as software investment in the 1990s, reaching 1% of GDP by 2030, according to Goldman Sachs. Analysts believe that artificial intelligence can fill out tax returns for small businesses, evaluate complex insurance claims and even document the results of crime scene investigations.

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