NI Knowledge Economy report highlights challenges and opportunities ahead

The latest Catalyst Inc Northern Ireland Knowledge Economy report has highlighted some serious challenges on the horizon, but also opportunities that could deliver a £3bn GVA increase and up to 80,000 new jobs.

Catalyst Inc has released its 2018 Northern Ireland Knowledge Economy report, providing an overview of the current economic situation and highlighting upcoming challenges and opportunities for the tech sector. The report was produced in partnership with Bank of Ireland and Ulster University's Economic Policy Centre and makes projections from now until 2030 with a range of confidence levels and scenarios.

The overall finding of the report was that growth in the NI knowledge economy would yield signficant long-term gains in the wider economy, with some achievable objectives delivering a projected GVA increase of £3bn and 80,000 new jobs by 2030. This highlights that Northern Ireland could be about to face a significant skills shortage in the coming years if more is not done to invest in the knowledge economy now.

One of the report's key findings was a set of projections on automation of jobs, with lower estimates predicting a net decrease in jobs compared to baseline projections if nothing is done to protect employment. Forecasts indicate that investment in the knowledge economy could help boost employment rates in the face of automation, with a maximum of 44,000 additional jobs created if automation outcomes are fully realised by 2030.

Check out the full report for a detailed breakdown of the research's findings on the 2018 NI knowledge economy.

Source: 2018 NI Knowledge Economy report