As many as 300 million full-time workers worldwide could lose their jobs due to artificial intelligence

The use of artificial intelligence (AI) is increasing day by day in the world. Various organizations are now doing various tasks with the help of this artificial intelligence. Many people already thought that technology will take away people's jobs. And this time, a report by the American multinational investment banking company Goldman Sachs said that 300 million full-time workers in the world will lose their jobs due to artificial intelligence.

Artificial intelligence could take over a quarter of all jobs in the US and Europe. Apart from this, it can also lead to new jobs and increased productivity. And artificial intelligence could increase the total annual value of goods and services produced globally by 7 percent.

Generative AI technology is still largely dependent on humans. Generative AI content can now be distinguished from human-generated content. This is the biggest progress reported in the report.

The UK government is more interested in investing in AI. That being said, ultimately it will drive the economy's productivity. Hence efforts are being made to reassure the public about its impact.

UK Technology Minister Michelle Donnellan said, 'We want to make sure that AI works in the UK in a complementary way, without any disruption. Instead of taking away jobs, AI is working well alongside others.'

According to the report, the impact of AI will vary by sector—46 percent of administrative jobs and 44 percent of legal jobs could be automated. And only 6 percent of the construction sector and 4 percent of the maintenance sector can be done by AI.

Earlier in a BBC News report, a number of artists expressed concern that painting through AI could harm their employment.

Carl Benedict Frey, director of the future of work at The Oxford Martin School at Oxford University, said, "I'm not sure how many workers will lose their jobs because of generative AI."

The long-term impact of artificial intelligence or AI was highly uncertain. So there is no need to overestimate the predictions of the institutions.

Torsten Bell, chief executive of The Resolution Foundation thinktank

Already many jobs in the creative world are being done by artificial intelligence. Writing rhymes, advertising jingles, creating audio commentary for books—people are not needed for these tasks.

Carl Benedict said journalists will face more competition in this field. This will reduce wages in these jobs. He said that with the advent of GPS technology and platforms like Uber, fares have suddenly dropped across London's streets. Other drivers also reduced their wages to survive in this profession. Although the wages have decreased, the number of drivers in this profession has not decreased.

Carl Benedict added that generative AI could have a similar impact on a wide range of creative work in the next few years.

Citing research, the report said, 60 percent of workers are in occupations that did not exist in 1940. Another study found that technological change since the 1980s has forced workers to change jobs faster than they have created jobs. And if generative AI is anything like previous IT advances, it could reduce jobs in the near future.

The impact of AI will vary by sector—46 percent of administrative jobs and 44 percent of legal jobs could be automated. And only 6 percent of the construction sector and 4 percent of the maintenance sector can be done by AI.

Torsten Bell, chief executive of the UK-based The Resolution Foundation thinktank, said the long-term impact of artificial intelligence, or AI, was highly uncertain. So there is no need to overestimate the predictions of the institutions.

He said, 'We don't know how technology will evolve or how organizations will work with it and integrate it. That doesn't mean it won't disrupt our way of working. We should shift our focus from high productivity work and cheap services to potential quality of life. Also, if there is a risk of falling behind, other organizations and the economy will have to adapt well to technological change.