Nearly 300 million people could lose their jobs to AI, a report by Goldman Sachs says.

Economists at the bank predict 18 percent of tasks could be automated, with more advanced economies experiencing its effects more strongly. 

This is partly because white-collar employees are seen as more vulnerable than manual laborers.

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The study also found administrative staff and lawyers will likely be most impacted.

However, there is “little effect” on physically demanding or outdoor works like construction and repair.

Almost two-thirds of current occupations in the US and Europe “are exposed to some degree of AI automation.” 

The bank estimates artificial intelligence could fully do nearly a quarter of all work.

The researchers note if generative AI “delivers on its promised capabilities, the labor market could face significant disruption.”

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It refers to the technology that powers ChatGPT, the chatbot which quickly became an internet sensation following its debut last November.

ChatGPT, which can answer prompts and write essays, has already led several firms to reconsider how employees should work on a daily basis.

This month, its developers unveiled the latest version of the software behind the bot, GPT-4.

Early users were amazed by the platform’s capacity to simplify coding, quickly build a website from a simple sketch, and pass exams with high scores.

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Goldman Sachs economists wrote the further use of generative AI could lead to job cuts. 

But they noted technological innovation that initially displaces employees has historically also resulted in employment growth over the long run.

The wide adoption of AI is also found to boost labor productivity and global GDP by seven percent annually over 10 years.

They added: “Although the impact of AI on the labor market is likely to be significant, most jobs and industries are only partially exposed to automation and are thus more likely to be complemented rather than substituted by AI.”

For instance, of the US workforce expected to be affected, 25 to 50 percent of their workload “can be replaced.”

Source: CNN

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