The high rate of Irish economic decline since the financial crisis began has continued this week with an increase in the number of jobs being axed in all sectors, according to the CSO. But the Government says it’s doing all it can to find strong measures to counter these losses.
Measures so far include the setting up of the National Assets Management Agency, for which several billions of euro are being set aside to buy bad debts from banks. And additional budget cuts from all Government departments aimed at saving €3bn are expected next month.
Meanwhile, with the 4.3 per cent increase in manufacturing production in June 2009 compared to the same time last year, the prediction that Ireland’s decision to invest in a ‘smart economy’ will yield tens of thousands of jobs in the near future has given people some hope that the downturn will not last as long as feared.
The Government took further action to boost economic recovery last week when it announced the temporary employment subsidy scheme. This €250m initiative could protect about 27,400 vulnerable jobs, mainly in the manufacturing sector, to retain Ireland’s export potential.
However, the Government needs to do much more than this to get the economy back on track. And key to this could be looking beyond Irish shores for investments.
There are opportunities available in many developing countries, especially in Africa, that Ireland could tap into, much like China and Russia have. While we do not support their investment ethics, we have a chance to make a better and lasting impression.
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