ChatGPT and generative AI will affect 300 million jobs worldwide

The impact of generative AI on the job market will be greater than we thought. According to a Goldman Sachs study, artificial intelligence systems such as ChatGPT or Midjourney will impact 300 million jobs worldwide. According to the report, a quarter of the jobs done in the U.S. and the European Union will be automated.

Goldman Sachs believes that most people will see AI automate half their workloads. In theory, this would be good news, since the remaining time would be spent by the user on more productive activities. Although the banking group believes that most people will stay in their jobs, the reality will be different.

Reduced work hours due to AI will cause some jobs to become redundant. Goldman estimates that 7 percent of workers in the U.S. will be replaced. In Europe, the numbers are even less encouraging, and it is believed that 24% of jobs could be automated.

Research by Joseph Briggs and Devesh Kodnani shows that widespread adoption of generative AI will lead to a dramatic increase in productivity. This phenomenon would increase annual gross domestic product by 7 percent within a decade worldwide. Estimates are made that the technology lives up to its promise.

Which jobs will be most affected by AI?

According to the researchers, the impact of AI will vary by occupation. Administrative workers will be most affected by the technology, as 46 percent of their jobs can be automated. They are followed by lawyers at 44% and engineers and architects at 37%. Scientists are in the same group at 36%, and those involved in commercial and financial activities at 35%.

The report mentions that developed markets are more susceptible to automation than emerging markets. According to Goldman Sachs, countries such as the U.S., Hong Kong, Israel, Japan and Sweden will be most affected. In contrast, Nigeria, Vietnam, Kenya and India are among the least likely, as are employees from mainland China.

Employees least likely to be replaced by an AI like ChatGPT are those who clean and maintain buildings. Bricklayers, electricians or plumbers doing installation, maintenance and repair work can breathe easy. The construction and mining industry believes that only 6% of its activities can be automated.

ChatGPT and the prospect of a bleak future

The Goldman Sachs report comes just days after a study by OpenAI in which they assessed the potential impact of AI on the job market. The paper details how models such as ChatGPT will affect various professions. Positions such as accountant, financial analyst, editor or web designer may become a thing of the past.

Some specific jobs, such as interpreter, translator, or creative writer, reach an alarming percentage for models such as ChatGPT. While AI can help reduce 50 percent of the tasks in these areas, OpenAI believes the technology is not capable of automating all functions. The company isn't thinking about a future in which AI replaces us, at least not anytime soon.

Both the Goldman Sachs report and the OpenAI report mention the creation of new positions, as well as job openings for engineers specializing in profiting from AI with short and direct instructions.

Read also: Elon Musk and experts call for a halt in the development of AI models more powerful than the GPT-4.