Goldman Sach made a study of the impact of AI and consequent automation in 30 countries, with eight developed countries included. According to this study generative AI could expose over 300 million full-time employment (FTE). The FTE is calculated by the scheduled hours per week an employee works divided by employer hours for full time work. To illustrate, if the employer’s full time work week consists of 40 hours a week, employees who work for the same are 1FTE. If they work for 20 hours, they are treated as 0.5FTE.

The lowest impact of AI including generative AI is in countries such as India, Kenya, Vietnam, Nigeria, Mainland China, and Thailand. The impact ranges from 13-16 per cent. In India, it is the lowest, say only 11-12 per cent.

The highest impact on work will be in Hong Kong, followed by Israel , Japan, Sweden, the US and the UK. Here the percentage of jobs which could be automated range from 25-30 per cent.

AI, on the positive side, would raise productivity by a global average of 1.4 per cent points over a ten year period. It amounts to a $7 trillion increase in global GDP over the ten years.

According to Goldman Sach’s estimate, the impact of AI on jobs will be more perceptible in developed economies.