Northern Ireland faces rising unemployment, sharply reduced foreign investment and Brexit complications, the economy minister has warned.
The sobering assessment is contained in an economic recovery plan published by Diane Dodds.
The plan is intended to tackle the challenges of the next 18 months.
It includes a focus on improving skills and supporting strategically important sectors.
“Our people are our key asset so developing the skills base of our young people and workforce will remain central to our economic success,” said Mrs Dodds.
“We also intend to focus on sectors where there is a potential for growth in higher paying jobs such as life and health sciences, advanced manufacturing, clean energy and big data.”
The report, Rebuilding a Stronger Economy, says it is “inevitable that we are facing a deep and prolonged economic downturn”.
It warns unemployment will keep rising and that foreign direct investment is likely to be greatly reduced in the short and medium term.
It adds that these issues could be could be further compounded by the operation of the NI Protocol and Brexit more generally.
The report says that some of the structural weaknesses of the NI economy will need to be tackled for a sustained recovery.
Those include too few higher-paying jobs, a skills gap and regional imbalances.
The report says that re-skilling people who lose their jobs will need a particular focus.
Meanwhile, Mrs Dodds also announced the membership of her Economic Advisory Group: It will be lead by Ellvena Graham, the former head of Ulster Bank in Northern Ireland.
‘Very frightening’
BBC NI’s Good Morning Ulster spoke to two young people about their future prospects.
Niamh, a student at Queen’s University, said that a Youth Forum survey showed that unemployment was a “massive issue” for 20% of young people.
“There’s just no jobs going and all the people who are working in hospitality – so many young people – hospitality and retail jobs are just gone,” she said
“There’s no way for young people to really make money.”
Adam, who has just finished his A-Levels, said: “We’re looking at a big recession, maybe as bad as ones previous, maybe the worst we’ve ever had.
“So I think we all need to band together and think of supporting each other.
“It is very frightening. The amount of jobs that will be available will drastically reduce.”
TORONTO – Strength in the base metal and technology sectors helped Canada’s main stock index gain almost 100 points on Friday, while U.S. stock markets also climbed higher.
The S&P/TSX composite index closed up 93.51 points at 23,568.65.
In New York, the Dow Jones industrial average was up 297.01 points at 41,393.78. The S&P 500 index was up 30.26 points at 5,626.02, while the Nasdaq composite was up 114.30 points at 17,683.98.
The Canadian dollar traded for 73.61 cents US compared with 73.58 cents US on Thursday.
The October crude oil contract was down 32 cents at US$68.65 per barrel and the October natural gas contract was down five cents at US$2.31 per mmBTU.
The December gold contract was up US$30.10 at US$2,610.70 an ounce and the December copper contract was up four cents US$4.24 a pound.
This report by The Canadian Press was first published Sept. 13, 2024.
OTTAWA – Statistics Canada says wholesale sales, excluding petroleum, petroleum products, and other hydrocarbons and excluding oilseed and grain, rose 0.4 per cent to $82.7 billion in July.
The increase came as sales in the miscellaneous subsector gained three per cent to reach $10.5 billion in July, helped by strength in the agriculture supplies industry group, which rose 9.2 per cent.
The food, beverage and tobacco subsector added 1.7 per cent to total $15 billion in July.
The personal and household goods subsector fell 2.5 per cent to $12.1 billion.
In volume terms, overall wholesale sales rose 0.5 per cent in July.
Statistics Canada started including oilseed and grain as well as the petroleum and petroleum products subsector as part of wholesale trade last year, but is excluding the data from monthly analysis until there is enough historical data.
This report by The Canadian Press was first published Sept. 13, 2024.
TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in the base metal and energy sectors, while U.S. stock markets were mixed.
The S&P/TSX composite index was up 172.18 points at 23,383.35.
In New York, the Dow Jones industrial average was down 34.99 points at 40,826.72. The S&P 500 index was up 10.56 points at 5,564.69, while the Nasdaq composite was up 74.84 points at 17,470.37.
The Canadian dollar traded for 73.55 cents US compared with 73.59 cents US on Wednesday.
The October crude oil contract was up $2.00 at US$69.31 per barrel and the October natural gas contract was up five cents at US$2.32 per mmBTU.
The December gold contract was up US$40.00 at US$2,582.40 an ounce and the December copper contract was up six cents at US$4.20 a pound.
This report by The Canadian Press was first published Sept. 12, 2024.
