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ESRI says Ireland has nothing to fear from recession

Dublin: A study by the Economic and Social Research Institute (ESRI) says that excellence in the IT and pharmaceutical sectors will help Ireland in the global economic downturn. High productivity in these industries will benefit the country.

ESRI’s Kieran McQuinn said Ireland could avoid recession next year with growth in the IT sector and pharmaceutical activity.

The ESRI report reveals that the productivity of Ireland’s technical workforce is five times the EU average. Due to a lack of data, it was impossible to assess productivity in the pharmaceutical industry. However, ESRI’s Prof. Kieran McQueen suggests that higher productivity is likely.

The assessment is in ESRI’s new quarterly economic update. According to the report, if Ireland’s tech sector catches up with Belgium, it will become the EU’s second-most productive country.

Productivity in the technology sector began to rise sharply in 2015. As a result, multinational corporations began reaping huge profits from here.

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