Today Ireland is growing economically at a rapid pace. Dozens of large multi national corporations have created centers in Dublin such as Facebook, Amazon, Google and PayPal. This growth is due mostly to the highly educated population and the fact that they are English speaking.
I expect more companies to create centers in Dublin in the next three years because of these important factors. Ireland has a young population that is ready to work and this is appealing to multinational corporations because of the tech focus of young people. In this trip we have learned a lot about the way the Irish people work and are educated. They are adaptable and I feel this is an important factor in influencing centers to locate in Ireland. I feel as though these corporations will help boost the Irish economy in the long run.
Although I feel more companies will locate themselves in Ireland I believe there will be negative consequences. First entrepreneurship will suffer. This is because newly graduated students will be highly incentivized to work for multi national companies and not begin their own practices. It will be much easier to enter the work force with a steady job instead of heading into a risky venture. Large companies will compete for talent and raise wages leading to the less likely scenario of starting a business.
I feel like Ireland will suffer in the next three years because of Brexit. Multinational companies will not suffer but local Irish companies that are involved in international trade will. When we visited Enterprise Ireland we were told that in 2017 62% of Irish businesses had taken no precautionary steps to brace for Brexit and the raising taxes and tariffs. I feel like many of this companies will suffer and some will be forced to close down. This will hand over more power to the multinational corporations.