The report outlines the significant risks posed by AI advancements to the labour market, highlighting that around 60% of jobs in advanced economies could be exposed to automation. It points to the International Monetary Fund's findings that half of these jobs may be negatively affected. Despite alarming predictions, including those by Elon Musk, many economists believe that while AI could displace millions of jobs, particularly in the UK, new roles could emerge, thus limiting overall unemployment increases.
In 2023, Elon Musk stated that AI could ultimately replace all human jobs, though such controversial views reflect uncertainty regarding AI's impact on labour markets.
The report warns that the advancement of AI agents will likely lead to profound job impacts, with many current jobs at risk of automation.
Economists suggest that job losses due to AI could be offset by new opportunities in industries not affected by automation.
The report estimates that AI could displace up to 3 million private-sector jobs in the UK, although net unemployment effects might be manageable due to job creation.
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