AI will 'destroy employment in some areas' and boost others, says top Goldman economist

By William Watts

'It will destroy employment in some areas. There will be parts of the labor markets where tasks can be replaced. And to a degree that is going to result in reduced employment there. But then you'll also find other ways of innovating and creating more jobs somewhere else.'Jan Hatzius, chief economist, Goldman Sachs

That's Jan Hatzius, chief economist at Goldman Sachs Group, offering his views on the impact that artificial intelligence will have on the jobs market in an interview with CNN. Goldman Sachs (GS) has previously estimated that AI could lead to the automation of as many as 300 million full-time jobs around the world, CNN noted.

Hatzius told the cable news channel that AI is "very, very likely" to be a productivity enhancer for the economy. Goldman last year upgraded its long-term forecast for U.S. gross domestic product in part due to expectations around productivity.

Determining the likely winners and losers isn't easy, Hatzius said. The fallout is a continuous of a pattern that's held for hundreds of years - with labor-saving innovations reducing employment in some areas and enhancing it in others, he said.

-William Watts

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03-19-24 1427ET

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