Oireachtas Joint and Select Committees

Wednesday, 20 September 2023

Committee on Budgetary Oversight

Pre-Budget Engagement (Resumed): Irish Fiscal Advisory Council and Nevin Economic Research Institute

Dr. Tom McDonnell:

-----fully predict. Obviously, de-globalisation is likely to be part of that. There is technological transformation, from artificial intelligence, AI, to automation to nanotechnology. It is difficult to predict how all of these areas will affect the labour market and each of us. Obviously, climate change will have a transformative impact on certain sectors of the economy and those will be challenging conversations. Demographics, of course, involve an enormous fiscal cost in terms of healthcare and pensions but also in terms of the fact that we will have less tax revenue because there will be fewer people working or at least fewer people between 18 and 66. These are significant political challenges and having that wider debate that people can contribute to would be helpful. These are difficult decisions for people to make themselves but having that understanding of how it affects agrifood, ICT, workers, carers or whoever it might be and having those conversations as part of a broader national discussion about what we want the economy and society to look like in 2050 is something that would be a good innovation and that Ireland could lead on. I suppose that is a long way of saying "Yes" to the Cathaoirleach's question.

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