AI will ‘destroy employment in some areas’ but could bring long-term benefits: Goldman Sachs economist

Goldman Sachs Chief Economist Jan Hatzius has made grim predictions about the impact artificial intelligence (AI) may have on some employment sectors, and believes the technology will benefit economic growth in the long run. He said he was “confident” that it would be successful.

when asked last week Did CNN’s Matt Egan see AI as a “creator” or a “killer” of jobs, Hadsius said? Jobs will be destroyed in some areas. In other words, there will be some parts of the labor market where tasks can be substituted to some extent. ”

“But we will also find other ways to innovate and create more jobs elsewhere,” he pointed out. “So this is a story of economic growth and innovation over hundreds of years, with innovations that were basically aimed at saving labor, which led to fewer jobs in some areas, but fewer jobs in others. will increase.”

Hadsius said that while the impact of AI is difficult to pinpoint in the short term, the emerging technology will significantly accelerate growth over time by “fundamentally boosting productivity growth.” I’m confident.”

“We’ve actually raised our long-term growth forecast a little bit, partly because of the impact of AI,” he added.

As the capabilities of AI continue to evolve, there are also growing concerns that emerging technologies will displace human jobs, recent research suggests. According to reports In December, Top10.com found that one in four Americans is “somewhat worried” that AI will take their job, and about one in 50 believes this is already the case. It becomes.

These concerns seem to have increased compared to previous years. A Gallup poll released last fall found that about 22% of U.S. workers surveyed said they were worried that technology would make their jobs redundant. This is an increase of 7 points from 2021. According to Gallup.

Congressional leaders have also sounded the alarm about the potential risks of AI, hosting a series of hearings and forums on the emerging technology over the past year.