International Labour Economics Term Paper

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International Labor Economics

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International Labour Economics (Irish Labour Market)

Statistical Profile of Irish Labour Market

The Republic of Ireland is a member of the European Union in order to maximize its international benefits in relation to the economy. Republic of Ireland represents one of the vital players in the global market with respect to its population levels and geographical size. The labour market of the Republic of Ireland continues to experience numerous radical changes towards improving the living conditions of the citizens. The population of the country has been on the rise, which is observable from Figure 1 below.

Population of Ireland (IRLPOPL) (http://www.statusireland.com/statistics/recentlychanged/12/Population-Growth-of-Ireland.html)

The latest census (2011) in relation to the Republic of Ireland shows that the current population growth projects at approximately 4,588,252 individuals. This indicates rapid growth in the context of the 2006 population of about 348,404. To understand the performance and models available in the Irish labour market, it is crucial to consider statistical analysis of GDP, Inflation rates, and employment opportunities in consideration of the economic situation at the international level.

Ireland GDP Growth Rate

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The GDP of Ireland represents contraction during the final quarter in the year 2011 of about 0.2% with respect to the third quarter. The GDP of Ireland from 2000 averages at 0.61% growth rate. The highest GDP percentage of the country records at 5.4% in 2007. Economic activities within the economy dropped in 2008 drastically forcing the country to enter into recession for the first time in more than 10 years. Export sector remains the key player within the Irish economy. Figure 2 shows the GDP projections of Ireland from 2010 to 2012.

Figure 2: Ireland GDP Growth Rate (http://www.tradingeconomics.com/ireland/gdp-growth)

Inflation Rate of Republic of Ireland

Term Paper on International Labour Economics Assignment

The inflation rate of Ireland as at May 2012 shows about 1.8%. The inflation rate of the country averages at 5.31% from 1976 to 2012. In 1981, this inflation rate achieved its highest ever percentage of 23%. The figure 3 below illustrates the fluctuation of the inflation rate of the Republic of Ireland from 2010 to 2012.

Figure 3: Ireland Inflation Rate (http://www.tradingeconomics.com/ireland/inflation-cpi)

Unemployment Rates in Ireland

Unemployment rates indicate the portion of the country or the economy that has the potential to work but lack the opportunity to apply their skills and expertise. Unemployment rates of Ireland can be put into three different categories to allow for insightful study of the labour market. Figure 4 illustrates unemployment rates in relation to individuals between the ages of 16 and 24 years. This data shows sharp upward movement of the unemployment rates from 1995 to 2010.

Figure 4: Unemployment Rates (http://www.poverty.org.uk/i35/index.shtml)

Research shows that two fifths of the unemployed individuals in the Republic of Ireland age below 25. This follows the illustration of figure five that represents fluctuations of the labour market in relation to unemployment rates.

Figure 5: Unemployment Rates in Ireland (http://www.poverty.org.uk/i35/index.shtml)

The projections of the unemployment rate of 16 to 24-year-olds in the Republic of Ireland is lower than most of the regions within the geographical description of Britain. This is according to the illustrations of the figure 6 below.

Figure 6: Unemployment Rates (http://www.poverty.org.uk/i35/index.shtml )

This indicates that the Republic of Ireland is on the right track in trying to reduce the levels of unemployment rates within the economy. This is down to effective and efficient economic models and policies by the labour market of the country.

Net Migration Rates

The figure 7 shows the fluctuating conditions of migration within the Irish labour market from 2003 to 2011. This shows low percentage of migration rates (inward and outward) within this market under the European Union jurisdiction.

Figure 7: Migration Rates of the Republic of Ireland (http://www.statusireland.com/statistics/recentlychanged/12/Population-Growth-of-Ireland.html)

Hours Worked

The figure 8 below illustrates on the efforts within the Irish labour market to reduce the amount of working hours. This rate records downward trend before the economic recession that forces it to register upward trend.

Figure 8: Average annual hours per employed person in Ireland (http://www.statusireland.com/statistics/recentlychanged/12/Population-Growth-of-Ireland.html)

Unemployment in the Irish Labour Market

The republic of Ireland projects one of the highest economies in relation to unemployment incidences. Within the framework or context of European Union, the Republic of Ireland ranks fifth in consideration of unemployment within the labour economy or market. This unemployment rate stands at slightly above 15% with high chances of increment in case of no change to the economic problems in the Irish labour market. This represents drastic change from effective and efficient labour market to poor performing market structure over the past few years. At one point in the economic history, the Republic of Ireland was at 14th among 15 members of the European Unions. Several limitations prove costly to the labour market in the Irish context. These reasons precisely illustrate the current unemployment condition in the Republic of Ireland. The first reason for unemployment condition in the Irish labour market is economic recession. The republic of Ireland experiences financial crisis that traces back in the year 2008. This financial crisis or economic recession limits the amount of employment opportunities to the citizens of the country. Unemployment rates indicate the percentage of individuals who have the needed expertise and qualifications to serve within the economy but lack such opportunities to show case their talents and skills. Numerous actual economic recessions have hit the country despite progress and revival attempts to change the situation of the labour market. Economic recession of Ireland also affects considerably the export sector that plays a critical role to the development of the economy. This adverse effect on the export sector affects the number of job opportunities available to the workforce within the economy hence rapid increase in the level of unemployment. This contributes enormously to the unemployment rate in relation to other European Union members (Borooah et al., 2011, pg 144-164).

Economic recession in Ireland indicates a situation of decrease in the spending capacity of the consumers supplementing the rapid employees' layoffs. This financial crisis leads to decrease in the circulation of money within the economy thus growth in the unemployment rate within the Irish labour market. The number of individuals or workforce falling under the unemployment basket within the Irish economy is approximately closer to two hundred thousand persons. Decrease in the money circulation in relation to the labour market explains the closure of many business entities within this economy thus unemployment increase. The other reason for unemployment in the Irish labour market is seasonal conditions (seasonal unemployment). Seasonal unemployment indicates the situation of duration employment. Employees work for a given duration before the essence of lay-off or termination of the contract. This contributes to the high rates of unemployment within the Irish labour market. This is because individuals cannot obtain long-term employment opportunities.

The third reason for unemployment in the republic of Ireland is the increase in technology use. This indicates application of machineries to perform amount of work many individuals could execute manually. Technological use deprives many potential employees of working opportunities thus rendering them jobless. Technological application within the economy contributes to the minimization of employment opportunities thus increase in the rate of unemployment in the labour market. The fourth reason for unemployment incidences in the Irish labour market is the prevalent lack of skills among the workforce. Technology within the economy renders employed people jobless. Their attempts to search for employment opportunities elsewhere suffer tremendous blow because of lack of skill to acquire the positions. Skills to operate the machineries within the economy also prevent some individuals from acquiring job opportunities. This situation plays a critical role to the development and growth of unemployment in the Irish labour market.

Early school dropouts also play a vital role in the incidences of unemployment in the republic of Ireland. This is because most individuals leave their educational centres or institutions without relevant certificates thus unable to secure employment opportunities. The bureaucracy in the economy requires certification to prove workforce's qualification. Lack of certification limits the number of employment opportunities within the economy thus increase in the conditions or incidences of unemployment in the Irish labour market. The other cause of unemployment incidences is ineffective and inefficient economic applications or principles. Economic principles and policies play a vital role in the creation of employment opportunities in an economy. Presence of unemployment incidences indicates that the economic principles do not operate to their optimal levels. This calls for radical change in the economic policies in order to revive the economy from the slump. This is because unemployment incidence has the overall effect of lowering down economic growth and development thus lowering the total revenues available for injection within the economy (Borooah et al., 2011, pg 144-164).

Policy Solutions to Revive the Irish Labour Market from Unemployment

Numerous policies and economic principles illustrate attempts by the Irish labour market to revive the economy from economic recession thus reducing the incidences of unemployment among the workforce. The first approach towards the realization of minimal levels of unemployment in… [END OF PREVIEW] . . . READ MORE

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