10 WAYS TO FIX THE ECONOMY

Tuesday 17th June 2014

After many years of little or no growth the economy is improving, as a level of stability and normality returns. Many businesses are recovering and people are more hopeful about the future. In this context, there are a number of things we can do to build a new and more resilient economy.

 

Each week Nick O' Shiel, Chief Executive, Omagh Enterprise Company, blogs on issues related to enterprise, technology and the economy. This week Nick discusses how to build a new economy.

 

1.           Many successful economies support small and medium-sized businesses and encourage them to export goods and services rather than rely on large companies for success.

2.           Economies that do well tend to have a wide and diversified business base and not overly reliant on any one sector or industry.

3.           Even though thousands of manufacturing jobs have moved overseas in recent years, we must reclaim the ability to make products at home.

4.           Regardless of any particular economic strength it is important to have a competitive and export focussed small and medium sized business sector.

5.           Even though inward investment and foreign direct investment are important for the creation of jobs and the development of people and skills, we must develop a strong indigenous business base.

6.           One of the lessons from the economic crash and subsequent recession, is that government needs to strategically manage the economy to ensure a balance of activity between sectors.

7.           With regard to education, many successful economies have a two-pronged approach: one, in relation to developing an apprenticeship path; and two, in relation to developing an academic path.

8.           There needs to be a clear careers advice service for students to ensure they develop the right skills and find the right jobs, not least to avoid high levels of unemployment amongst young people.

9.           There needs to be a better match between the skills of those leaving education and training and the needs of employers, particularly in areas of new job creation.

10.        The importance of promoting a culture of enterprise and entrepreneurship in all areas of society is essential to the development of a modern economy.

Finally, there is a need to agree on a set of shared values in relation to what constitutes success for the many rather than the few.

SO, the economy is getting better and will continue to improve if we learn from the lessons of recent years.

What do you think?

Can we fix the economy?

Look forward to your comments.

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