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The artificial intelligence (AI) boom has affected all facets of modern life, including the economy. Analysts point out the fast pace at which this new technology is being ingrained in all spheres, drawing parallels to past industrial revolutions and the flourishing internet era. The magnitude of these shifts is both impressive and concerning, especially when you find out that this article extolling AI's prowess was AI-generated. During the 18th century, the industrial revolution took root in the more advanced nations. At that time, a mass transition from manual to mechanized labor wiped out millions of jobs. Today, the same may happen on a global scale as more companies and governments use artificial intelligence. Goldman Sachs released a study on AI's impact on the world economy, revealing that in the medium term, this technology may eliminate over 300 million jobs globally. For instance, at least 12 million US citizens will either be on the brink of unemployment or compelled to undergo professional retraining and redirect their careers. Analysts underline that we are currently in the early stages of a new tech revolution, and a wave of disruption across the global labor market looms on the horizon. The challenge is that the authorities in the majority of countries are poorly prepared for the widespread integration of AI. The process of finding viable replacements for traditional jobs will be long-lived, placing the global economy at risk of navigating a new phase of crisis. While the positive impact of AI's integration into the global economy will only become evident in the decades to come, it is projected that the world's GDP may see a surge of $17-$26 trillion. Nonetheless, analysts warn that such a promising future is not guaranteed.
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