Predicted impact of generative artificial intelligence on labor market

Sky-rocketing of generative artificial intelligence (AI) scope and capabilities results in unprecedented number of users; but simultaneously draws attention of researchers and analysts in terms of evaluating its possible impact on the economy. Generative AI applications are predicted, on the one hand, to increase productivity of existing labor force by performing fast and accurate multiple routine activities and procedures; on the other hand, it poses a question on possible displacement of existing workforce with generative AI systems in many industries and occupations. The rate of emerging new occupations and creating jobs has been reported to drastically lag behind the rate of physical workers replacement from the beginning of digitization. The lag between the rate of human displacement with generative AI systems and the rate of emerging new occupations and jobs can appear a considerable difficulty both for the country’s economy and for social security.