Prior to Covid-19, Ireland had a growing, healthy economy. However, the pandemic has had a devastating impact on some of the country’s markets. The travel and tourism sector has completely collapsed, and it is estimated the if lockdown continues, the GDP could fall by 15%.
In order to recover, business leaders alongside the government in Ireland need to make some tough decisions. Here is a look at how Ireland can kickstart its economy after Covid-19.
Addressing the unemployment crisis
One of the key challenges Ireland faces after Covid-19 is its unemployment crisis. At the end of February when the pandemic began, the country had a healthy economy with a low unemployment rate. Now, a few months later there are over one million people who are relying on state support. Getting people back into work is going to need to be a key consideration for the government.
As businesses open back up, there will be more jobs and opportunities presented. However, it may take some time to reverse the economic damage caused by the virus.
Taking advantage of stronger markets
Not all sectors have taken such a big hit during the pandemic. So, one way Ireland could kickstart its economy is by focusing on the emerging markets that have become stronger in the past few months.
Retail and pharmaceuticals are just two sectors which have been unaffected by the crisis. Like the UK, Ireland has seen a significant rise in supermarket demand. Thousands of additional workers have been hired by the retail sector to address the sudden spike in demand for services. As the pandemic eases, the retail sector and future pharmaceuticals sector will remain strong.
The country will undoubtedly reply upon investments into these stronger markets to reboot its economy.
Seeking expert advice for future-proofing businesses
Businesses are going to need to adapt and assess the new risks presented by Covid-19. In order to ensure they get back on their feet quickly, seeking advice from RSM experts can help to future proof the company.
An audit can be carried out to assess the new risks presented, alongside identify opportunities for growth. By taking action early, businesses will have an increased chance of bouncing back quickly. They need to be able to see the opportunities in the wake of the virus.
While part of Ireland’s recovery will be reliant upon government aid, businesses can also do their part. The above are some of the ways Ireland could kickstart its economy after the threat of Covid-19 has passed.