Millions of Jobs at Risk from AI ‘Revolution’ – OECD Report Reveals
According to a recent report by the Organisation for Economic Co-operation and Development (OECD), the rise of artificial intelligence (AI) poses a significant threat to jobs in the 38-member bloc. The study suggests that more than a quarter of all jobs in OECD countries could be at risk of being replaced by AI technologies.
The report, titled 2023 Employment Outlook, identifies jobs that could be potentially automated and estimates that they make up approximately 27% of the labor force in these countries. Interestingly, Eastern European states are believed to be the most vulnerable to automation. Despite the fact that there are currently limited signs of significant disruption to the labor market caused by AI, the OECD warns that many jobs are already in jeopardy due to the early stages of the AI revolution.
To determine which positions are most likely to be displaced by automation, the OECD defined them as jobs that require the use of more than 25 of the 100 skills and abilities that AI could potentially substitute. The report emphasizes the need for policy actions to navigate AI’s impact on the workforce. OECD Secretary General Mathias Cormann stated, How AI will ultimately impact workers in the workplace and whether the benefits will outweigh the risks will depend on the policy actions we take.
In a separate report earlier this year, investment bank Goldman Sachs predicted that generative AI, such as ChatGPT, could potentially replace up to 300 million full-time jobs worldwide. The technology, which has the ability to independently create new material, represents a major advancement with significant macroeconomic effects, according to the bank. Goldman Sachs estimates that about two-thirds of jobs in the United States and Europe could be exposed to some degree of AI automation, with generative AI potentially substituting a quarter of current jobs.
Amidst the concerns surrounding job displacement caused by AI, the OECD emphasizes the importance of governments helping workers to prepare for these changes and ensuring they can benefit from the opportunities that AI brings. The report acknowledges the need for proactive policy measures to support workers in adapting to the evolving job market.
As the AI revolution gains momentum, it becomes crucial to strike a balance between enjoying the benefits of AI technologies and mitigating the risks they bring. Finding the right policy solutions and providing support to workers will be instrumental in navigating the disruptive impact of AI on the labor market.
