This last quarter of 2022 has seen a marked slowdown in the growth of the economy and the announcements of tech job losses are in the news, and awareness of smaller redundancies and workforce changes are buzzing through social media. Most of us have felt the effects of the changes over the past few months.
The effects of a global slowdown are expected to be felt over the next couple of years. In 2023, GDP in Ireland is set to slow down to 4.5 – 5.25%, a sharp change from the 10% figure for this year. There is also a projected slowing in growth in 2024 to 3.3% according to the Department of Finance, and this will bring an increase in unemployment, rising from 4.4% to an estimated 5%.
The projection over the next few years for the global economies are veering towards the downside. This may have a negative impact on the Irish economy in 2024-2025. However, according to the recent reposts from the IDA, Ireland continues to see a healthy flow of inward investment in the tech, medical, science and financial services industries.
However, to maintain a sustainable environment for healthy growth, the government need to step up and ensure that Ireland has adequate supporting infrastructures in place to provide for growth in these areas.