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Goldman Sachs Economist Predicts AI's Dual Impact on U.S. Economy

While AI is expected to boost productivity and economic growth, it will also lead to job displacement in some sectors, according to Jan Hatzius.

Overview

  • Goldman Sachs chief economist Jan Hatzius forecasts that artificial intelligence will significantly benefit the U.S. economy by enhancing productivity, but warns of its potential to replace jobs in certain industries.
  • AI's ability to increase worker efficiency could lead to a boost in U.S. GDP growth, with Goldman Sachs recently raising its long-term forecast.
  • An estimated 300 million jobs in the U.S. and Europe could be impacted by AI, with tasks within jobs being automated rather than entire positions eliminated.
  • Experts caution that the transition may exacerbate inequality and stress the need for social safety nets and retraining programs.
  • Despite potential short-term disruptions, the widespread adoption of AI is expected to contribute to economic growth by the end of the 2020s or early 2030s.