related trade to double over next five years
Business group Ibec projects that AI-related trade in Ireland will double over the next five years as the country positions itself as a central node in global supply chains. However, the report warns of rising inflation due to geopolitical tensions in the Middle East and potential economic volatility from US trade policies.
Why it matters
The report provides insight into how small, open economies like Ireland are navigating the intersection of AI-driven growth and global geopolitical instability.
Trade related to artificial intelligence (AI) is already having a significant effect on the Irish economy, according to business group Ibec.
In its latest economic forecast, the organisation is projecting that AI-related trade is on track to double over the next five years.
According to the outlook, investment in ICT equipment and software has risen to nearly €6 billion over the past 12 months, a 50% increase on the same period last year and a doubling from two years ago.
"It appears most of the products are being imported to Ireland for further onward export to the UK, continental Europe and elsewhere, which can be seen in significant spikes in inventory stocks in Ireland's national accounts," the report found.
When it comes to the impact of AI on jobs, Ibec said the picture is still not clear.
Get smarter about the news
Sign up free for a feed built around what you actually care about, Dive Deeper research on any story, and the full text of every article.
Create free accountAlready have an account? Sign in