Global labor markets are poised for a new era of turbulence as technologies like artificial intelligence (A.I.) accelerate the decline of clerical work.
According to Goldman Sachs economists, 18% of work — or as many as 300 million full-time jobs — around the world could be automated in some way by the newest wave of A.I.
The effects are expected to be felt more deeply in advanced economies than emerging markets, as white-collar workers are seen to be more at risk than manual laborers.
Administrative workers and lawyers are expected to be most affected, according to the report, compared to the “little effect” seen on occupations such as construction and repair work.
In the United States and Europe, approximately two-thirds of current jobs “are exposed to some degree of A.I. automation,” and up to a quarter of all work could be done by A.I. completely, the bank estimates.
As the transition occurs, the biggest drivers of employment growth are likely to be big data analytics, management technologies and cybersecurity.
While workplaces may shift, widespread adoption of A.I. could ultimately increase labor productivity and boost global GDP by 7% annually over a 10-year period.
Get instructions on how to enable our Flash News Briefing skill to your Amazon devices:
Market Recap Week of 4/24/2023 Through 4/28/2023