Deniz Kılınç / Istanbul, March 30 (HNA) – Globally, generative artificial intelligent (AI) could cost the world the equivalent of 300 million full-time jobs to automation across major economies, a new report by Goldman Sachs indicated.
“Although the impact of AI will ultimately depend on its capability and adoption timeline, this estimate highlights the enormous economic potential of generative AI if it delivers on its promise,” said Goldman Sachs economists, led by Jan Hatzius.
The global AI market is projected to surpass $1.7 trillion in 2030, up from $93.5 billion in 2021, expanding at a compound annual growth rate of more than 38 percent, data from Grand View Research indicates.
Accordingly, the growing adoption of artificial intelligence technology can help boost global economic growth and raise labour productivity, the Goldman Sachs report has found.
The combination of significant labour cost savings, new job creation and higher productivity for non-displaced workers can lead to a productivity boom that raises economic growth “substantially”, the US investment bank’s analysts said in the report.
Widespread AI adoption can eventually boost annual global gross domestic product by 7.0 percent in the 10 years after at least half of companies worldwide use AI technology.
The bank estimates that AI adoption could raise global annual productivity growth by 1.4 percentage points over a decade, although it expects a more delayed impact in emerging market economies.
The Goldman Sachs report explores whether a rapid acceleration in task automation will drive labour cost savings and raise productivity.
The report said that eighteen percent of work globally could be automated by AI, with a more significant impact on developed than emerging markets.
Goldman Sachs said if corporate investment in AI continues to increase at the more modest pace that software investment grew at during the 1990s, US investment in AI alone could approach 1.0 percent of national GDP by 2030.
The bank said it assumes that AI would be capable of finishing tasks such as evaluating a complicated insurance claim for policy compliance, documenting the results of a crime scene investigation or completing tax forms for a small business.
However, it did not expect AI to be adopted for more nuanced tasks such as making a court ruling, checking the status of a patient in critical care, studying international tax laws or determining the reaction of a virus to a new drug.