Artificial intelligence (AI) could replace the equivalent of 300 million full-time jobs globally by 2045, according to a report by investment bank Goldman Sachs. The report says AI could automate a quarter of work tasks in the US and Europe, but may also create new jobs and boost productivity.
Generative AI, which can create content indistinguishable from human work, is described as 'a major advancement'. The report estimates it could eventually increase the total annual value of goods and services produced globally by 7%.
The UK government is keen to promote investment in AI, saying it will 'ultimately drive productivity across the economy'. Technology Secretary Michelle Donelan told the Sun: 'We want to make sure that AI is complementing the way we work in the UK, not disrupting it - making our jobs better, rather than taking them away.'
The report notes that AI's impact will vary across sectors: 46% of tasks in administrative and 44% in legal professions could be automated, compared to just 6% in construction and 4% in maintenance. However, experts urge caution. Carl Benedikt Frey, future-of-work director at the Oxford Martin School, said: 'The only thing I am sure of is that there is no way of knowing how many jobs will be replaced by generative AI.'
Torsten Bell, chief executive of the Resolution Foundation think tank, added: 'We do not know how the technology will evolve or how firms will integrate it into how they work. All firm predictions should be taken with a very large pinch of salt.'
