Ernst & Young predicts 250,000 new jobs in Ireland
EY – a major Audit and management consultancy has made an Economic Eye summer forecast. It predicts that the GDP of Ireland will grow by 4.9 percent in 2018 and 3.8 percent in 2019. It will follow the rate of 3.5 percent annually up to 2022. There is an estimate that there will be an additional job creation of a quarter of a million across the island of Ireland between 2018 and 2022. Moreover, the construction will become the largest employer, and also create 35,000 new jobs.
Information and communication technology will have the second-major net job increase. It will create 22,600 posts between 2018 and 2022.
Neil Gibson Chief Economist EY said that in case of assuming a comparatively soft exit of Britain from the EU, Ireland will remain a fast-growing developed nation in the world.
Importance of Dublin
Furthermore Dublin is the trendy city to move the operations of financial services companies out of the UK, after the vote on exit of Britain from the EU. The EY Britain exit Tracker confirms that 21 firms plan to shift some or all their operations to Dublin. It is ahead of Frankfurt, where 12 companies have a relocating plan.
The other favourite destinations for British financial services firms leaving after Britain’s exit are Luxembourg (11) and Paris (8).
This study did not give any information regarding the size of the operations moving out of the UK, or the volume of jobs moving out abroad.
Well-known companies which announced operations expansion plans in Dublin owing to Britain’s exit. These are Morgan Stanley, Goldman Sachs, and Bank of America Merrill Lynch.
Insurance firms are also shifting
A few major insurance firms have already made a shift to Ireland and have a presence there to retain the access to the EU market after the exit of the UK from the union.