AI projected to have 60pc of jobs by 2030

A STUDY has revealed that by 2030, more than 60 per cent of formal jobs will no longer exist because of the fast development of artificial intelligence (AI).
A report by Price WaterHouse Coopers indicated that 45 per cent of total economic gains by 2030 would come from product enhancements, stimulating consumer demand because AI will drive greater product variety, with increased personalisation, attractiveness and affordability over time.
Countries which would benefit from this the most are China (estimated GDP boost of 26 per cent) and the United States of America (estimated GDP boost of 14.5 per cent).
However, the down-side is the disappearance of jobs in the formal sector. The study found that almost all the jobs in industry and automation would be replaced, followed by agriculture, construction, and services.
In a recent interview, Samsung Pacific marketing manager Jesse de Bruyn said AI would be impacting the Pacific region sooner than expected.
“The technology is increasing at a very fast rate,” he said.
“Most of the tech that we predicted would be developed in the next decade is already here.
‘The scariest thing is that it will be incorporated into our daily business and its already taking place as we speak. We do not know how much of an impact it would have on our traditional jobs, but the trend is not on our side.”
De Bruyn added that the only way forward would be for people to change their skills set, find a niche in the age of AI and robotics.