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Artificial intelligence will boost production but threaten 300 million job losses

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New Delhi: With the rapid spread of artificial intelligence (AI) around the world, many jobs are facing crisis. This is because AI is used in most jobs now. There are many jobs that have been completely handed over to AI. According to a recent report by investment bank Goldman Sachs, around 300 million jobs in the world could be at risk due to AI. This number is 25 percent of the total number of working citizens in Europe and America.

Historical analysis from Goldman Sachs looks at the impact of artificial intelligence (AI) on the global job market and economy. According to the report, AI has the potential to take away 300 million full-time jobs. However, the report also suggests that AI also offers new opportunities and can significantly increase productivity.

The report highlights the emergence of generative AI, which can perform tasks not possible for humans. In the UK, the government actively contributes to promoting investment in AI to increase productivity and reassure people that AI will help them work, not take their jobs.

The impact of AI will vary across industries.

46 percent and 44 percent of administrative and legal business functions will be automated, respectively. However, only 6 percent construction and 4 percent maintenance work is estimated to be affected.

The director of Oxford University’s Future of Work program previously warned that AI could lead to worse wage standards, changing labor dynamics in parallel with the evolution of technology. He cites the example of GPS technology that has reduced the number of drivers without reducing their wages.

While the emergence of AI is set to revolutionize the global workforce and increase productivity, there are also concerns about job losses. The report also points to better living standards with new opportunities and increased productivity.

The report raises concerns about the long-term impact of AI. Historical data shows that changes in technology cause jobs to be lost faster than new ones are created. So the future of employment due to AI is uncertain. Therefore, experts are advising caution regarding the implementation of AI.