Get All Access for $5/mo

AI Could Replace Up to 300 Million Workers Around the World. But the Most At-Risk Professions Aren't What You'd Expect. Goldman Sachs economists predict 18% of work could be automated by AI.

By Sam Silverman

Opinions expressed by Entrepreneur contributors are their own.

Stock Illustration/Getty Images

The latest advancements in artificial intelligence could be coming for your job.

With the rise of platforms like ChatGPT, Google's Bard, and others that can automate daily workflow, 300 million full-time jobs around the world could be at risk of becoming automated.

According to a new report released by Goldman Sachs economists on Sunday, "the labor market could face significant disruption." Economists predict that 18% of work can be computerized and white-collar workers could be the first to be replaced.

RELATED: Elon Musk Says We Should Stop Rapid AI Development Right Now — Here's Why

According to the report, administrative workers and lawyers are most at risk of losing work to automation. However, jobs that require manual labor and outdoor tasks will feel "little effect" from the AI boom.

About two-thirds of current jobs in the United States and Europe "are exposed to some degree of AI automation," and AI could potentially substitute a quarter of current work, the report said.

Although the advancements in AI will likely cut administrative jobs in the short term, the report notes that it could also aid in current jobs and can free up the workload of US workers by 25% to 50% and allow people to be more productive in other areas.

A study by the McKinsey Research Institute, which was published in 2018, predicted that 400 million people worldwide could be displaced as a result of AI before 2030. It also found that AI could account for $3.5 trillion to $5.8 trillion in annual value.

RELATED: We Asked Google's AI Bard How To Start A Business. Here's What It Said.

Within the next 10 years, Goldman Sachs economists predicted that labor productivity will increase, and they estimate AI could increase annual global GDP by 7%.

With the potential for AI to cut labor costs, increase productivity and create new jobs, economists predict a "productivity boom" that could raise "economic growth substantially." However, "the timing of such a boom is hard to predict."

Sam Silverman

Content Strategy Editor

Sam Silverman is a content strategy editor at Entrepreneur Media. She specializes in search engine optimization (SEO), and her work can be found in The US Sun, Nicki Swift, In Touch Weekly, Life & Style and Health. She writes for our news team with a focus on investigating scandals. Her coverage and expertise span from business news, entrepreneurship, technology, and true crime, to the latest in entertainment and TV news. Sam is a graduate of Lehigh University and currently resides in NYC. 

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Editor's Pick

Productivity

6 Habits That Help Successful People Maximize Their Time

There aren't enough hours in the day, but these tips will make them feel slightly more productive.

Business News

These Companies Offer the Best Work-Life Balance, According to Employees

The ranking is based on Glassdoor ratings and reviews.

Business Ideas

63 Small Business Ideas to Start in 2024

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2024.

Leadership

Why Your AI Strategy Will Fail Without the Right Talent in Place

Using fractional AI experts through specialized platforms allows companies to access top talent cost-effectively, drive innovation and scale agile strategies for growth.

Business News

Here's What the CPI Report Means for Your Wallet, According to JPMorgan and EY Experts

Most experts agree that there will be another rate cut next week.