Artificial intelligence: Artificial intelligence’s (AI) quick progress has the potential to dramatically alter labour markets all over the world. According to a study by Goldman Sachs, around two-thirds of existing jobs in the US and the EU are subject to some form of AI automation.
44% of legal jobs being replaced by AI
With 46% of administrative jobs and 44% of legal jobs being replaced by AI, the administrative and legal sectors are anticipated to be the most affected. Construction and maintenance, two physically demanding professions, have lower exposure rates of 6% and 4%, respectively, according to reports.
AI is anticipated to increase yearly labour productivity growth
Meanwhile, AI is regarded as a tool to support economic expansion. Over a ten-year period, AI has the potential to boost yearly global GDP by 7%, according to Goldman Sachs. Substantial reductions in labour costs, the development of new jobs, and increased productivity for non-displaced workers are thought to be the sectors that will spur growth. The study also demonstrates that nearly all jobs will be impacted by automation, and that around half of all human activities across all fields will be impacted by AI. Yet, the currently available technology could only totally automate roughly 5% of vocations. Although the capability and adoption rate of AI will eventually determine its influence, both are currently unknown. Over a ten-year timeframe, generative AI is anticipated to increase yearly labour productivity growth in the US by little under 1.5 percentage points.
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AI products respond with text or graphics that resemble human speech
The company’s software engineers have been experimenting with generative AI tools to automatically generate lines of code, according to Marco Argenti, the chief information officer at Goldman Sachs. Though the technology is not yet prepared for production, it is currently in the proof-of-concept stage. When consumers provide written instructions, generative AI products respond with text or graphics that resemble human speech. According to reports, employees at some of the world’s largest banks, including JPMorgan, Goldman Sachs, Citigroup, and Bank of America, are not allowed to use ChatGPT or comparable programmes. Despite this, ChatGPT and other generative AI tools have the power to revolutionise the financial services sector, from automated customer service to investment decisions. Argenti refused to say which goods Goldman Sachs has been employing or which bank division is making use of the technology.
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