Generative artificial intelligence tools (AI) could replace a quarter of work tasks in the US and Europe, according to a report by the investment bank.
However, the researchers have also predicted that new technologies would bring in new jobs and a productivity boom that could eventually increase the total annual value of goods and services produced globally by 7 per cent.
The report describes generative AI's ability to create content indistinguishable from human work - as platforms like ChatGPT can do - as "a major advancement".
"If generative AI delivers on its promised capabilities, the labour market could face significant disruption," the report said.
In the United States and Europe, approximately two-thirds of current jobs “are exposed to some degree of AI automation,” the bank estimated. Globally, the researchers predicted that as much as 18 per cent of work could be computerised, with the effects felt more deeply in advanced...