The European Central Bank (ECB) released a research report titled “Reports that artificial intelligence destroys human labor may be greatly exaggerated.”, addressing the current debate on the impact of advancements in artificial intelligence (AI) on employment.
The report highlights that AI is being increasingly used in various sectors, including both production and services, ranging from medical advice to coding.
As companies escalate their investments in AI, public concerns about job security and the future of work have also risen.
In this study, examining the relationship between AI-supported technologies and employment rates across 16 European countries, it was found that employment shares actually increased in sectors where AI is utilized.
The impact on low and medium-skilled jobs was minimal, while high-skilled roles saw the most significant growth.
The report notes that AI has had a “neutral or slightly negative effect” on wages, a trend that might intensify as AI technologies continue to evolve and become more integrated into various industries.
However, it emphasizes that most of the potential impacts of AI on employment, wages, growth, and equality are yet to be fully realized or observed.
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