According to research results from the European Central Bank (ECB), artificial intelligence is not yet a job killer, but rather creates new jobs. In the years since 2010, the share of employment in occupational sectors that may be more affected by AI-based technologies has actually increased in Europe, according to an ECB research bulletin published on Tuesday.
AI technologies have recently made significant progress in a number of areas, including robotics, speech recognition and processing, machine translation and image recognition. Between 2011 and 2019, the link between AI-enabled technologies and employment was examined in 16 European countries.
Increase in employment
It has been shown that the share of employment in fields particularly affected by AI has increased, the ECB explains. “AI-powered automation is therefore associated with an increase in employment in Europe – especially in highly skilled occupations and younger workers,” the bulletin said. However, jobs with low or medium qualifications were hardly affected.
The results are in stark contrast to previous waves of technology, when automation led to a reduction in the relative share of employment of middle-skilled workers. “Our results show a mixed picture for the sixteen European countries,” the bulletin said.
Still too early for a final judgement
The impact of AI-powered automation on employment has been positive in most countries, with a few exceptions. However, the extent varies considerably from country to country.
“When it comes to wages, the results are less clear and indicate neutral to slightly negative impacts.” Overall, however, it is still too early to make a final judgment. The result is therefore not an acquittal.
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.
