ChatGPT-Like AI To Affect 300M Jobs Across Major Economies, Boost GDP 7%, Says Goldman Sachs

A quarter of work in major economies could be automated thanks to breakthroughs in ChatGPT-like artificial intelligence technologies, according to Goldman Sachs.

What Happened: The New York-based bank said that generative AI systems like ChatGPT could cause “significant disruption” to the job market and impact as many as 300 million full-time workers across large economies, reported The Financial Times.

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The paper, authored by Joseph Briggs and Davesh Kodnani, noted that nearly two-thirds of jobs in the U.S. and Europe were exposed to AI-based automation.

The researchers estimate that in the U.S. at least 63% of the workforce will see less than half of their workload undergoing automation — freeing up time for other productive activities.

Goldman reportedly said that AI systems such as ChatGPT could usher in a productivity spike that could raise the world’s gross domestic product by 7% over the period of a decade.

Why It Matters: The Goldman paper says that nearly 7% of U.S. workers are in types of jobs where at least half of their tasks could be undertaken by AI — these workers are at risk of retrenchment, reported FT.

The investment bank reportedly said that if corporate investment in AI took the same pace as software investment did in the 1990s, the U.S. investment could approach 1% of the U.S. GDP by 2030.

Recently, Microsoft Corporation MSFT co-founder Bill Gates said that technologies like ChatGPT “will make many office jobs more efficient by helping to write invoices or letters. This will change our world.”

Microsoft forged a $10 billion investment deal with ChatGPT parent OpenAI in January. The software giant had previously also backed OpenAI.

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