It could replace a quarter of work tasks in the US and Europe but may also mean new jobs and a productivity boom, reports BBC.

And it could eventually increase the total annual value of goods and services produced globally by 7%.

Generative AI, able to create content indistinguishable from human work, is "a major advancement", the report says.

British Technology Secretary Michelle Donelan said people in the UK should not fear AI.

"People should trust that computers which think and learn won’t be used to undermine their safety, their privacy, their rights or their health," Michelle Donelan told The Sun.

"We want to make sure that AI is complementing the way we work in the UK, not disrupting it – making our jobs better, rather than taking them away," Michelle said.

Carl Benedikt Frey, future of-work director at the Oxford Martin School, Oxford University, told BBC News told BBC:  "The only thing I am sure of is that there is no way of knowing how many jobs will be replaced by generative AI."

"What ChatGPT does, for example, is allow more people with average writing skills to produce essays and articles," Frey said.