Heavy reliance on FDI could result in severe job losses, government warned

Ireland more exposed than others to economic downturns, says author of a report on FDI in Ireland, following job cuts at a number of tech firms this month

Elon Musk, chief executive officer at Twitter, announced 3,700 job cuts – half of the global workforce

Ireland’s heavy dependence on foreign direct investment (FDI) has “particular repercussions” during an economic downturn and could result in job losses on a “big scale”, the government has been warned.

Martin Wermelinger, an OECD researcher and author of an IDA-commissioned report on FDI in Ireland, said Ireland was more exposed than other countries to worsening economic conditions due to a heavy reliance on overseas investment.

A growing number of IDA-backed technology firms, including Meta, Twitter, ...