Jobs are disappearing, but new jobs are being created. AMS boss Johannes Kopf does not expect mass unemployment in Austria as a result of the advance of artificial intelligence (AI).
However, the long-term consequences of AI technology on the labor market are currently difficult to predict. “It will have a huge impact,” Kopf says in the APA interview. “Generative AI” refers to computer programs that can create new ideas, content or solutions rather than just following predefined rules or instructions. According to the board of directors of the labor market service, it will mainly affect workers with medium to higher qualifications and routine activities.
Office work, text production and the legal sector in particular are predestined for the use of AI. This may lead to job losses, but the drive for innovation and additional economic growth would create other new jobs, Kopf predicts. For Kopf, AI is comparable to groundbreaking inventions such as the steam engine, railways, electrical engineering and computers.
Investment Banking Analysis: 300 Million Full-Time Jobs Globally Replaceable
In a recent analysis, experts from the investment bank Goldman Sachs calculated that about two-thirds of current jobs are exposed to some degree of AI automation. Generative AI could replace up to a quarter of current work. “If we extrapolate our estimates around the world, generative AI could expose the equivalent of 300 million full-time jobs to automation,” the analysis reads. However, the report does not specify a time frame within which the job losses due to AI will occur and the creation of new jobs will not be taken into account. AMS board member Kopf sees the analysis as an indication that there will be “enormous need for further training” due to the proliferation of AI.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
