AI Could Eliminate 300 Million Jobs, Warns Goldman Sachs

A smartphone with a displayed ChatGPT logo is placed on a computer motherboard in this illustration taken on Feb. 23, 2023. Dado Ruvic/Reuters

Artificial intelligence (AI) could lead to the elimination of 300 million full-time jobs, according to a new study.

A March 25th report by economists at Goldman Sachs Group (GSG) stated that improvements in AI technology may cause almost a quarter of existing positions in the United States and Europe to be replaced, but that new jobs may be created in the process, leading to a future productivity boom.

The newest wave of generative AI platforms like ChatGPT could allow companies to replace people with automated technology and do their tasks more efficiently, said the study.

The Epoch Times already reported that the latest AI tech could complete tasks most white-collar jobs more efficiently than most human employees, according to a recent research paper by the University of Pennsylvania (pdf).