AI taking away employment opportunities?

AI taking away employment opportunities?

An economist has expressed his views on the dangers of Artificial Intelligence on employment opportunities and in his opinion this AI technology will surely impact the employment market.

Credit: Andrei Terbea

‘It will destroy employment in some areas. There will be parts of the labour markets where tasks can be replaced. And to a degree that is going to result in reduced employment there. But then you’ll also find other ways of innovating and creating more jobs somewhere else.’
— Jan Hatzius, Chief Economist, Goldman Sachs.

That’s Jan Hatzius, chief economist at Goldman Sachs Group, discussing his predictions about how AI will affect the labour market in a CNN interview.

According to a previous estimate by Goldman Sachs GS, +1.12%, AI could result in the automation of up to 300 million full-time jobs globally, as reported by CNN.

Goldman Sachs is optimistic about this year’s economy. More optimistic than the consensus, its economists predict robust growth of 2.3%, unemployment remaining below 4%, and a mere 15% chance of a recession.

In addition, they predict that, excluding food and energy, inflation will continue to decline, reaching just over 2% by year’s end (using the Federal Reserve’s preferred measure).

Hatzius told CNN in an exclusive interview that he is very confident AI will significantly accelerate economic growth over time by making workers far more efficient.

“I see it as a productivity enhancer. A large number of workers in the economy will become more productive. That is very, very likely.”, Hatzius said.

Goldman Sachs previously estimated that as many as 300 million full-time jobs around the world could be automated in some way by generative AI.

Hatzius acknowledged that it’s challenging to pinpoint precisely which jobs will be eliminated and which ones will be preserved.

There is no assurance that everyone will profit even if AI quickens economic growth.

The International Monetary Fund (IMF) predicted earlier this year that AI may have an impact on nearly 40% of jobs globally and issued a warning that this trend would probably lead to greater inequality.

The IMF advised governments to create social safety nets and worker retraining programs in order to combat the effects of AI.

Even AI is becoming more and more advanced, but still in the end it will be handled by employees only. AI can reduce the workforce of companies but it cannot completely replace humans and AI will not be able to take over the entire company’s task till now. So it will be a concern that AI can take jobs but this problem will also get its solution.

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