Following on from a recent blog post on ‘a revised strategy for Northern Ireland’s Economy’, this post looks at the Department for the Economy’s draft Industrial Strategy and highlights some of the key similarities and differences between the new strategy and its predecessor.
By Eóin Murphy, Michael Scholes, and Aidan Stennett
The Northern Ireland Executive is currently revising its Economic Strategy. What are the key factors it should take into consideration when carrying out this revision?
How well is the compulsory education system supporting demand for STEM skills in Northern Ireland?
Skills development is critical in driving economic growth, and evidence highlights the importance of STEM subjects in contributing to innovation and productivity within economies. However, demand for people with high quality STEM qualifications outstrips supply in Northern Ireland, and employers face challenges in recruiting appropriately skilled STEM workers at every level. This undersupply is particularly acute in the areas of maths, computer science, engineering and technology, in line with growth forecasts for the ICT, Professional Services and Advanced Manufacturing sectors. Women are particularly underrepresented among the STEM workforce.
The introduction of the National Living Wage (NLW) could have a number of impacts in Northern Ireland (NI), raising the earnings of those aged over 25, but potentially creating issues for Small to Medium Enterprises (SMEs).