In every issue of The Bottom Line, we ask students for their thoughts on a particular topic. This month, we want to know: Are you worried about the state and future of the Irish economy?
Caelainn McGonigle
Gilroy Gannon
The Irish economy can continue to perform well if policymakers encourage homegrown entrepreneurship
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Ireland is a relatively small country with an educated workforce and a large university system; it should carve out some niche markets and try to have some real impact on technology and innovation. There are many interesting new business opportunities opening up, including those associated with artificial intelligence systems and green energy/green transport.
It is no longer good enough to let large multinationals, and the EU set the business agenda for Ireland. Ireland should rely more on domestic businesses as the key driver of growth and less on foreign direct investment.
There is plenty of untapped potential if Irish graduates are given the right opportunities to stay in the country. Just as in our parents’ generation, many young Irish adults have watched our friends move abroad to avail themselves of better opportunities.
The crisis in affordable housing has also contributed to this emigration trend. Even with a good starting job in Ireland, it is very difficult to find decent, quality affordable housing in our cities.
The Irish government needs to devote more focus to providing good career opportunities and affordable housing solutions to the new generation of workers.
Dónal Sweeney
PwC
While the impact of high inflation rates and the cost of living crisis remains a high area of concern for myself and my peers, I still remain optimistic about the future of the Irish economy.
I believe people are keen to get our economy back to where it once was. When our economy reopened after COVID-19, it bounced back with a strong level of activity – something I even noticed in my day-to-day life.
The fall in business and consumer confidence has also been recorded and acknowledged, and I believe Ireland has the infrastructure and tools to address this in the medium term.
I just hope that Ireland’s strong efforts to recover from the pandemic and improve our housing supply and healthcare do not offset efforts made to reach our ESG goal of achieving a climate-neutral economy.
Brendan Connor
PwC
Between the climate crisis, an unstable energy market, the COVID-19 pandemic, and especially the terrible war in Ukraine, it is certainly a worrying time for Europe.
Ireland has a particularly strong technology base through its position in three growth sectors: IT, pharma, and medical devices. This strong foundation provides a pipeline of opportunities which should help to moderate Ireland’s vulnerability to Europe-wide business cycle shocks over the next few years.
The big worry for me is the war in Ukraine, its aftermath and the possibility of armed conflict or civil unrest spreading to other Eastern and central European nations.
The rebuilding costs for Ukraine will also be enormous, and it will be up to its European partners, including Ireland, to share that burden.
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