Recession could create an ‘abrupt shift' in AI adoption: ‘That's when you really see the effects of automation' [Fortune]
Goldman Sachs Group, Inc. (The) (GS)
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Source: Fortune
Since OpenAI's ChatGPT kicked off the generative AI revolution in late 2022, there has been extensive handwringing that the technology would result in mass layoffs. The promise of a tool that could understand complex questions posed in normal, everyday speech and spit out cohesive answers seemed poised to end a host of professions ranging from customer service reps to journalists. Ultimately, those concerns haven't panned out as the most fearful had imagined, largely because the economy was on solid footing. However, if things should take a turn for the worse, then the labor market could start to experience an “abrupt shift” of human workers being replaced by AI. “You see it when the recession strikes,” Gopinath said during an onstage interview at the Fortune Global Forum in New York. “That's when you really see the effect of automation on the labor market.” When the economy is strong companies don't need to cut their headcount and prefer to be fully staffed, Gopinath argues.
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