ECB: AI does not threaten jobs yet

The European Central Bank (ECB) released research showing that artificial intelligence (AI) could reduce income, but not threaten jobs.

The ECB on November 28 published a study on the widespread application of AI technology after surveying 16 European countries. Accordingly, the ECB found that the number of AI-related jobs is increasing.

Low- and medium-skill jobs are largely unaffected by AI. High-skill positions are even benefiting the most from the technology. In particular, AI is creating new jobs for young people with good skills.

However, they also noted a “slight to moderate negative impact” on workers’ earnings, which could increase.

“These results are not yet complete. AI-based technologies are still being developed and deployed. Much of the impact on income and employment, as well as on growth and equality, has yet to be felt,” the report said.

These results are in contrast to previous “waves of technology,” which found that the advent of computers “reduced the demand for mid-skilled workers,” leading to “polarization” in the job market.

The rapid development of AI in recent times has caused much controversy. Companies have invested heavily in AI, causing economists to study the impact of this technology on the labor market.

AI has raised concerns among the public about the future of their jobs. Employers are also struggling to find qualified workers, despite economic downturns that typically reduce pressure on the job market.

Last month, the AI Safety Summit 2023 was held in the UK, aiming to find out the risks that this technology can cause, thereby having appropriate management measures. Here, Tesla CEO Elon Musk also predicted that in the future, people will no longer need jobs because AI can do everything.

Ha Thu (according to Reuters)

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