Although artificial intelligence (AI) technology innovation could grow the global economy by 7% per year over the next 10 years, it is predicted that it could cause significant confusion in the labor market. In particular, lawyers and office administration positions were selected as the most likely positions to be threatened with dismissal due to the introduction of AI.
Citing a report by Goldman Sachs, the British daily Financial Times (FT) predicted on the 27th (local time) that if generative AI systems such as Chat GPT are put into the labor market in earnest, the world’s gross domestic product (GDP) will increase by 7% (USD, 9,075 trillion won) annually over the next 10 years.
In particular, some job groups are expected to reduce labor costs, create new jobs, and improve the productivity of essential workers.
Goldman Sachs estimated that generative AI will increase U.S. labor productivity by about 1.5 percentage points per year over the next 10 years. Analysts say it could be a dramatic leap forward compared to the average annual growth rate of 1.3% in U.S. labor productivity over the past decade.
However, it is predicted that there will be “serious confusion” in the labor market. The report explained that if generative AI is introduced into the labor market, 300 million jobs with full-time workers throughout the economy could be threatened.
In particular, it is expected that data-based work can be replaced by AI automation. The report predicted that two-thirds of jobs in the United States and Europe would be affected. As for jobs, lawyers and office workers were cited as the “risk groups” with the highest possibility of replacement. On the other hand, it is predicted that fields such as computers, mathematics, education, and social welfare can benefit from AI at work.
Matt Bean, a professor at Santa Barbara University in the U.S., who is studying the “effect of technology on the labor market,” said, “It is impossible to predict which jobs will be lost due to the introduction of AI.”
KS CHOI
US ASIA JOURNAL
