International commodity marketslabor marketsand capital markets make up the economy and define economic globalization. In Sumeran early civilization in Mesopotamiaa token system was one of the first forms of commodity money.
All big trends are related, and many big trends are changing predictably.
For example demographics and the ageing population which is a direct consequence of falling birth rates years ago. Or Global economic trends ireland fall of telecom and digital costs towards zero. Or the increasingly joined-up global trading world — globalization — which will continue a relentless course despite recent interest in trade barriers.
Despite this, there are major uncertainties and the world can change faster than you can hold a board meeting. That means forward thinking, having more than one strategy, being prepared for a variety of futures. In earlythe economic outlook appeared depressing but we need to look beyond the headlines.
Need a world-class keynote speaker for your event? Phone or e-mail Patrick Dixon now. The story was as follows: Record level of companies becoming insolvent in Unemployment rates at highest since Collapse in construction jobs.
No recovery in employment — unlike rest of UK.
So where will the next generation of jobs come from? Before answering that question, here are issues to watch: This combination will be seen as useful to erode the value of national debt, encourage exports, cut imports, and stimulate growth. And in Northern Ireland: Expect this differentials to narrow with pressures to outsource jobs to private sector to save such salary costs.
Pointers to future centres of excellence can be seen particularly in aviation with the turbocharged progress of Bombardier wing manufacturing — using composite technologies.
Each wing is built in a vast pressurize chamber using space-age technology. As Northern Ireland continues to evolve far beyond the sectarian conflicts of the past, we can expect further "peace dividends". The political landscape is about to shift in a gradual but profound way, as the Catholic community previously the minority begins to exceed the Protestant community in size, a long term consequence of differing birth rates.
The two communities are almost equal today. In years to come, on current trends, the Protestant community will be significantly in the minority.
The two Island of Ireland economies are closely meshed together as we will see, yet this is not reflected fully in business or government strategies.
So the arguments are overwhelming that if business in NI wants to see the future, take a good hard look at the gradual recovery in ROI. Take a look at the huge number of untapped opportunities that still remain in ROI, despite the downturn.
Growth opportunities Here is one such huge opportunity: The contrast became even greater in early as the pound slid further against the Euro.
People move to the higher paying city. Or if they are put off by culture, language and higher living costs, jobs move the other way. They may move physically, as companies relocate part of their teams across a border, or virtually, by employing people to work at home or in small centres, in lower cost locations.
While these trends are happening to some degree, there is plenty of opportunity for more, which will benefit NI economy.
Companies, workers, governments both North and South of the border tend not to think about these options, as much as similar companies in other nations with such border differences.
If you try to Google data on comparisons between NI and the reset of the UK, you will find vast numbers of listings. That is because researchers, government officials, analysts, bloggers, tweeters and youtube video-makers tend to be traditional, local-minded.
But this is a bizarre state of affairs in the light of the realities of close economic coupling as we have seen above. Even more so when you consider the geographical realities. The entire combined population of all those who live on the Island containing ROI and NI is very small in comparison to the lists of around other nations in the world.
The island is relatively unpopulated, farm and forestry dominated, with many natural and beautiful resources, situated on the outer fringes of mainland Europe.Mintel’s team of global expert analysts have identified and analyzed the key trends set to impact the global food and drink market in Get your free copy now!
18/6/ - Preliminary data for show an increase in life and/or non-life gross premiums of domestic insurance companies in 40 out of the 43 reporting countries, compared to 21/2/ - The insurance industry is a major component of the economy by virtue of the amount of premiums it.
The post Irish economic downturn in the Republic of Ireland, coincided with a series of banking scandals, followed the s and s Celtic Tiger period of rapid real economic growth fuelled by foreign direct investment, a subsequent property bubble which rendered the real economy uncompetitive, and an expansion in bank lending in the.
The Global Economy Will Continue to Be Powered by America If you ask the average American, he would be surprised to find out that the U.S.
economy’s performance is best in class. As legal professionals position themselves to survive the peaks and troughs of an ailing economy, a number of distinct trends have emerged in the legal industry. Most of these trends help law firms and organizations become more efficient, productive and competitive in a global market.
Ireland rejoins the elite group of economically “free” countries with an economic freedom score of , making its economy the 6th freest in the Index.