RIYADH: Artificial Intelligence could take the place of 300 million full time jobs around the world, investment bank Goldman Sachs has predicted in a new report. Administrative and legal sectors will be at the highest risk, with 46 percent of administrative jobs and 44 percent of legal jobs risking replacement by AI, according to the institution. Physically intensive jobs face low risk, with construction facing a 6 percent threat, whereas maintenance is at 4 percent threat. However, the roll out of AI could boost labor productivity, and push global growth up by 7 percent year on year over a 10 year period, according to Goldman Sachs. “The combination of significant labor cost savings, new job creation, and a productivity boost for non displaced workers raises the possibility of a labor productivity boom like those that followed the emergence of earlier general purpose technologies like the electric motor and personal computer,” stated the bank in a note titled The Potentially Large Effects of Artificial Intelligence on Economic Growth. Despite the probable job losses that will occur due to AI, economists noted that technological advances which initially replace workers will create employment growth in the long term. “Although the impact of AI on the labor market is likely to be significant, most jobs and industries are only partially exposed to automation and are thus more likely to be complemented rather than substituted by AI,” the economists added. The report hypothesizes that around two thirds of jobs in the US alone are exposed to automation by AI, with almost 50 percent of that work being replaceable. In the US, around 7 percent of jobs could be substituted by AI, 63 percent could be complemented by it, and 30 percent unaffected.

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RIYADH: Artificial Intelligence could take the place of 300 million full time jobs around the world, investment bank Goldman Sachs has predicted in a new report. Administrative and legal sectors will be at the highest risk, with 46 percent of administrative jobs and 44 percent of legal jobs risking replacement by AI, according to the institution. Physically intensive jobs face low risk, with construction facing a 6 percent threat, whereas maintenance is at 4 percent threat. However, the roll out of AI could boost labor productivity, and push global growth up by 7 percent year on year over a 10 year period, according to Goldman Sachs. “The combination of significant labor cost savings, new job creation, and a productivity boost for non displaced workers raises the possibility of a labor productivity boom like those that followed the emergence of earlier general purpose technologies like the electric motor and personal computer,” stated the bank in a note titled The Potentially Large Effects of Artificial Intelligence on Economic Growth. Despite the probable job losses that will occur due to AI, economists noted that technological advances which initially replace workers will create employment growth in the long term. “Although the impact of AI on the labor market is likely to be significant, most jobs and industries are only partially exposed to automation and are thus more likely to be complemented rather than substituted by AI,” the economists added. The report hypothesizes that around two thirds of jobs in the US alone are exposed to automation by AI, with almost 50 percent of that work being replaceable. In the US, around 7 percent of jobs could be substituted by AI, 63 percent could be complemented by it, and 30 percent unaffected.