“ESRI and Department of Finance Study Reveals Unemployment as Key Driver for Self-Employment Initiatives”
Dublin: A comprehensive study conducted by ESRI and the Department of Finance sheds light on the intricate relationship between unemployment and self-employment decisions. The research emphasises that the strong correlation between the two is primarily driven by the lack of alternative opportunities. Individuals are compelled to venture into self-employment when faced with unemployment, as it becomes a necessity rather than a voluntary choice.
Contrary to a widespread desire for entrepreneurship, the study reveals that self-employment is often a temporary solution for those grappling with limited options. The research also dispels the notion that all new self-employed ventures contribute significantly to job creation or enhance the overall productive capacity of the economy.
Highlighting the nuanced nature of this dynamic, the study underscores that self-employed individuals play a pivotal role in propelling economic growth. However, it also acknowledges the transient nature of the increase in self-employment, which may not necessarily translate into a substantial rise in employment opportunities.
Furthermore, the study unveils that the composition of self-employment experiences fluctuations in tandem with economic cycles. In response to these findings, Finance Minister Michael McGrath has expressed the intention to fortify policies that foster long-term economic growth and enhance the business environment. As the Irish economy undergoes substantial transformations, policymakers are keen on adapting to these changes to ensure sustained and resilient economic development.
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