DistantNews
Job losses and AI: Could technology bring Ireland back to the dark days of 2008?
🇮🇪 Ireland /Economy & Trade

Job losses and AI: Could technology bring Ireland back to the dark days of 2008?

From Irish Times · (2d ago) English Critical tone

Summarized and contextualized by DistantNews.

TLDR

  • A report warns that up to 200,000 Irish jobs could be displaced by the rapid growth of artificial intelligence.
  • This potential job loss raises concerns about the impact on mental health, drawing parallels to the 2008 financial crisis.
  • Experts suggest Ireland could be better positioned to manage this shift if adequate preparations are made.

Ireland faces a significant challenge as a new report from the Economic and Social Research Institute (ESRI) and the Department of Finance forecasts a potential displacement of up to 200,000 jobs due to the accelerating advancement of artificial intelligence (AI).

There’s a spillover effect into people who still retain their jobs ... 7 per cent would be more than enough to impact on the mental health of everyone in society, not just those who have lost their jobs.

— Brendan KellyProfessor of psychiatry at Trinity College Dublin, commenting on the mental health impact of potential job losses.

This projection, which represents a substantial portion of the State's workforce, has ignited concerns about widespread unemployment and its subsequent impact on the nation's mental well-being. Experts like Brendan Kelly, professor of psychiatry at Trinity College Dublin, draw a stark comparison to the 2008 financial crisis, noting that the "uniquely corrosive" nature of unemployment significantly damages mental health, affecting not only those directly impacted but also the broader societal fabric.

While the report outlines various potential outcomes, its central scenario highlights the disruptive power of AI. The current unemployment rate of just under 5 percent could dramatically increase, mirroring the 15 percent peak seen in 2010-2011. The article emphasizes that employment provides crucial income security and self-worth, making its loss a profound blow to individual and collective mental health.

What we found during the economic crash of 2008 and 2009 was mental health in Ireland and elsewhere suffered substantially. The key driver of that was unemployment: people who lost their jobs rather than their finances.

— Brendan KellyProfessor of psychiatry at Trinity College Dublin, drawing parallels between AI-driven job losses and the 2008 financial crisis.

However, there is a glimmer of hope. ESRI associate professor Karina Doorley, a co-author of the report, suggests that Ireland might possess an advantage in navigating this technological transition. If the right preparations are implemented, the country could be better equipped than many others to manage the large-scale shift towards AI and mitigate its adverse effects on the labor market and society.

We h

— Karina DoorleyESRI associate professor and co-author of the report, discussing Ireland's potential preparedness for the AI shift.
DistantNews Editorial

Originally published by Irish Times. Summarized and contextualized by our editorial team with added local perspective. Read our editorial standards.

More Stories

From Our Blog