The rise of Artificial Intelligence (AI) has long been a topic of discussion in the business world, and recent reports suggest that it may be even more impactful than previously thought. According to Goldman Sachs, AI could cause the loss or degradation of up to 300 million jobs in the United States and Europe. The investment bank argues that while innovation and cost savings may arise from AI implementation, the workforce will be upended, leading to significant economic disruption.
This is not a new conversation. The fear that automation will take over jobs has been a topic of concern for decades. However, the rapid development of AI technology suggests that the impact could be more significant than ever before. Investments in global AI projects have boomed, totalling nearly $94 billion since 2021, and if this growth trajectory continues, AI could add 1% to the U.S. GDP by 2030.
The rise of AI is inevitable, and businesses and individuals alike must be prepared to adapt. As AI reshapes the world, it will create new types of jobs and industries, leading to innovation and growth. However, it is also crucial to acknowledge the potential challenges and ensure that workers are adequately equipped with the necessary skills to remain relevant in the workforce.