Ireland now has two distinct economies. One is very rich and is associated with the global economy. The other is dense, which should mark recurring Kovid lockdowns and grow large infrastructure investment.
The latest growth figures from the Central Statistical Office (CSO) highlight the growing disparity between the multinational region and its national partner.
According to the Central Statistics Office, the world’s leading pharmaceutical and tech giants are leading the fight against Kovid-19, which grew by 7.8 per cent in the first quarter of 2021.
While the majority of the Irish community operates in Lockdown, IT operations in the state grew by 19% in the first three months of this year. At the same time, industrial output grew by 12.8 per cent. This jump in integrated production increased exports by 6%.
Activities in the construction sector fell by a quarter. Production in the supply, transport, hotel and catering sectors fell by 10 per cent.
The real sentiment in the Irish economy does not quite match the overall GDP figures. Thus, the 7.8% expansion divides into 2.9% contraction based on adjusted domestic demand, which is CSO’s preferred indicator for the local economy.
This is not a question of presenting the local economy as underdeveloped. It expands and contracts depending on the current economic situation, and is affected by the problems you commonly face in other economies – investment in certain sectors, housing shortages, and traffic congestion.
Most multinational investment is concentrated in Dublin and the East Coast, which has accelerated the east-west divide between urban and rural areas. Globalization has polarized economies and workers. Ireland is only a microcosm. Accelerates inequality in wages, housing and health.