Today is a significant day for the Irish economy as the country’s Finance Minister delivers his budget statement- the signs are not good.
Reports in Irish media are announcing that the Minister will give a “fiver “ a week to every Irish citizen and throw over 1.5 billion into an overheating economy.
Nearly all respected independent bodies have warned against this action.
Last month the OECD pointed out that the Irish economy was showing signs of overheating warning that mortgage loans and loans to small firms had risen sharply in the first quarter of 2018 and they raised the prospect of another ” property bubble “ .
Meanwhile the Irish Central Bank warned in June that Ireland was vulnerable to an external shock as a no deal Brexit looks more likely .
With unemployment at a record low nearly 80% of Irish employers are experiencing ” moderate to extreme ‘ skills shortages with over 50% of employers having to increase wages to retain staff .
Ireland no longer has a pool of labour available to it from eastern Europe as their economies have converged with the rest of Europe in terms of growth and this is resulting in this Talent pool returning back to their own countries to take up many attractive roles.
Major FDI Employers are banging tables in Merrion Square demanding support in their attempts to source talent and reminding state organisations such as the IDA that the had promised and committed a unending Talent pool that has now disappeared due to the demand globally .
In particular the Tech sector in Ireland has significantly more jobs to fill than candidates applying with the main areas that have demand mobile, cyber-secuirty,data analytics and development .
A major issue in sourcing talent is the lack of accommodation in Ireland and the cost of the accommodation that exists in urban centres with multinationals running out of space to house their new employees who they have recruited a high costs .
As Ireland overheats in all areas and sectors the Irish Government has it’s eyes on the next General Election, which could come as early as December and is showing little interest in learning from the mistakes of the past which resulted in the collapse and ruin of Ireland’s economy with over 250k people emigrating and the IMF running the show .
More logs are to placed on the Irish economic fire today and we all are aware of how this will end .
