The National Economic & Social Council has published a new research report “Building a Virtuous Demographic Cycle” which examines demographic changes across Ireland.
NESC note:
“Ireland is undergoing a series of demographic shifts and has already passed two notable turning points: ‘peak baby’ in 2010 and ‘peak child’ in 2024, both reflecting a sharp and sustained fall in births. Because of this Ireland will reach peak population in approximately three decades.
This will mean an ageing population, and each year Ireland is getting older. There are also substantial regional variations to these demographic changes. Ireland risks a downward vicious cycle where we have insufficient workers, therefore insufficient tax revenues to support our ageing population and insufficient investment in our infrastructure.
The NESC report highlights that rather than a downward cycle Ireland could shift to a healthier and more balanced cycle – where birth rates are supported, participation in the labour force is increased, our health services are reconfigured to support early intervention and community-based interventions. At the same time, we spread the benefits of demographic dynamism, and we can prepare fiscally for future changes in population.”
The report can be read here.