W e are living in one of the most disruptive episodes in the history of mankind. Daily life, work and indeed, our entire way of life will undergo significant transformations over the next 4-5 years. The genie called artificial intelligence is already out of the bottle and will have a revolutionary effect on our lives. The way of life we were accustomed to will be unrecognizable in the near future. And this is neither an exaggeration nor a grotesque prediction.

Artificial intelligence (AI) will be introduced in all spheres of life. It will enter the kindergarten, school, the entire education system, science, health, public services, economic relations, communication, management, public administration, internal and external security, politics, and even penetrate into interpersonal relations. This entry will be tumultuous, as it will provide huge gains in efficiency and productivity, but it will also be painful, as it will lead to huge upheavals in the labor market.

Strong stimulus to economic growth and shocks in the labor market

The International Monetary Fund warns, that AI will affect almost 40% of jobs around the world. Moreover, if in the previous century, the mechanization and digitization of work spread mainly to the low-skilled labor force, then AI will affect mostly the highly qualified ones, whose work will be performed tens of times cheaper and hundreds of times faster.

Almost one in two employees will be affected by artificial intelligence, initially negatively, and in the long term, positively if trained. According to experts, in 4-5 years AI will be smarter than any human on planet Earth, and in a decade or two AI will be millions of times smarter than humans. This future promises great opportunities and at the same time great risks.

Those who manage to implement AI technologies first will gain a huge competitive advantage and displace other competitors, while those who delay this process will lose significantly and fall behind. Moreover, this principle will work both at the level of an individual specialist, organization and the state. Almost any model of occupation acquisition, product manufacturing, service delivery or management now needs to be synchronized with the application of AI technologies and accompanied by the implementation of AI tools. Otherwise, it will be uncompetitive, outdated and forced out of the arena.   

Investment bank Goldman Sachs predicts that AI could drive a 7% or almost $7 trillion increase in GDP in the coming years. According to a forecast by consulting firm McKinsey, AI could add about $13 trillion to global GDP by 2030, which means a 1.2% additional GDP growth per year. 

PwC audit-consulting organization predicts, that by 2030, AI could provide up to $15.7 trillion in additional output to the global economy, with China and the U.S. accounting for the largest share, for almost 70% of the global economic impact.  

AI will not only significantly stimulate global economic growth, but will also create new jobs and thus enable those who have lost their jobs to find a new one through training. Based on the World Economic Forum reports, to be ready for the world of artificial intelligence and to find a job, about 50% of the labor force might need reskilling or acquire a new profession to meet new labor demands by 2025.

According to predictions administrative support services are predicted to bear one of the greatest risks of AI impact, with about 46% of such services could be automated. About 44% of legal force and 37% of architects and engineers are also at risk of being automated or replaced by AI technologies.   

Along with the development of generative artificial intelligence, the labor market of programming is also changing significantly. Many would have noticed, that especially in the last 1-2 years, the previous huge growth in the IT job market is showing some slowdown. Sometimes there is a decrease in demand for programming specialists, which is reflected by some decrease in wages or a strong increase in competition for highly skilled jobs. This trend is due to the influence of generative artificial intelligence when using ChatGPT, Microsoft Copilot, GitHub Copilot and other tools, the efficiency of developers increases manifold and one specialist can do the work of several specialists.

Nvidia CEO Jensen Huang, for example, recommends some programmers change careers to education, industry and even agriculture, since he says that we might be looking at the death of coding as a career. For example, if a businessman needs a website, instead of going to a web designer, he can simply describe his business to AI and the latter will prepare the website. 

Generally, if simplify the essence of the AI revolution, we can record that humans have taught the computer to read, understand and write in natural human language. Now, to get a computer to do the job we want, there is no need to develop a new program with digital programming, writing thousands of lines of code to get the computer to understand what we want and do it. The computer has learned to read human-written texts, instructions, understand them and perform tasks. If earlier, for instance, the Photoshop specialist had to spend considerable time to prepare the picture we have conceived, now instead of doing so much work, we can briefly explain to the generative artificial intelligence what we think in human language, and the result will be ready in a few seconds.

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However, it should be remembered, that it is not artificial intelligence that will take away a person’s job, but a specialist who will use artificial intelligence tools to do that job.