Meanwhile, BPO services exhibited strong recovery in the same period at 8.3 percent as the sector was quick to adjust to the new normal work set up. Net foreign direct investments (FDI) in January to October 2021 increased by 48.1 percent due to positive foreign investor sentiment and improving confidence on the country’s growth prospects. This bodes well for job creation.
I will not dwell on the economic risks of Brexit; not because these are unimportant, when clearly they are, but because they have been well flagged in other Central Bank speeches and publications1. While there is still considerable uncertainty, it is clear that Brexit will have broad, fundamental impacts, and will substantively alter the functioning of the UK, Irish, and European financial systems.