Ireland's economy is experiencing robust employment growth, exceeding pre-pandemic levels, but faces capacity constraints in various sectors. The business lobby group's chief economist highlights infrastructure bottlenecks and labor shortages as major challenges for future growth.
State’s strong performance triggers capacity constraints in range of sectors, says business lobby group’s chief economist. Employment in the Irish economy will be nearly 500,000 up on pre-pandemic levels by the end of next year, employers’ group. The Republic’s exceptionally strong employment trajectory “is way outside the norm amongst developed economies”, said the group’s chief economist Ger Brady.
“The constraints on economic activity that we’ve seen in 2024 in the form of high demand for infrastructure and barriers to the effective delivery of projects will remain the largest obstacle to domestic growth and investment in 2025,” said Mr Brady.He predicted the labour market would remain strong in 2025 and that labour shortages would remain a key barrier for businesses seeking to expand. However, he noted there had been a slight fall-off in hiring momentum “following five years of rapid growth”.Mr Brady highlighted the uncertain global environment in the form of a flagging euro zone economy and a potentially disruptive incoming US administration as a serious challenge for the Irish economy.“There are growing uncertainties in the global environment. Amongst our major trading partners, Europe is struggling to readjust its business model to new realities,” he said. Germany’s Bundesbank predicts the region’s biggest economy will hardly grow in 2025 after shrinking again this year while ongoing political instability in France following the collapse of Michel Barnier’s short-lived government earlier this month has triggered a spike in French borrowing costs. The prospect of US president-elect Donald Trump disrupting global trade is also considered a significant risk for the economy here. Mr Trump has threatened to build a wall or “a ring” of tariffs around the US economy. “It remains to be seen how the new US administration will prioritise between the competing promises on domestic and trade policy,” said Mr Brady
Irish Economy Employment Growth Capacity Constraints Infrastructure Global Uncertainty
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