Goldman Sachs Predicts AI Could Replace 300 million Jobs

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Goldman Sachs, global investment banking, securities and investment management firm, recently released a report which suggests that as many as 300 million jobs globally could be replaced by artificial intelligence (AI).  Jobs in different professions will be affected differently.  The report shows that while over 40% of jobs in administrative or legal roles could be affected, it would affect only about 5% of jobs in construction and maintenance. The long-term impact of AI is highly uncertain as 60% of jobs today didn’t exist 80 years ago.  Torsten Bell, chief executive of the Resolution Foundation think tank said, “That’s not to say that AI won’t disrupt the way we work – but we should focus too on the potential living-standards gains from higher-productivity work and cheaper-to-run services.” Bell concluded, “all firm predictions should be taken with a very large pinch of salt.”