‘ Many more Brexit and Trump like forces can be expected in the current economic climate’

Madam Editor,

The Central Bank downgrading of predictions of Irish Economy growth is not because of Brexit but because of growth stagnation all over the world. The prediction also expects most of the expected growth will come from internal consumption which reflects exports probably remaining static. What the Bank fails to say however and has to date refused to acknowledge is that economic growth is in serious irreversible decline in the world. Year on year increase of economic activity experienced over the last half century is coming to an end. Substantial growth was always possible, indeed was desperately needed as long as the world was unable to produce sufficient for consumption. When technology gave the human race ability to produce enough, indeed if not restrained to greatly overproduce, the writing was on the wall for increasing output further. Sadly our government and indeed governments of the world make no attempt whatsoever to adapt to an economic future without “growth”. Yet minimal “growth” is the inevitable future and is what already causes failure of economics for an increasing number of uneasy people. The human race has achieved economic sufficiency yet the ideology used to administer and manage such an unprecedented transformation evolved in entirely different conditions and is not fit for purpose. Sufficiency is possible thanks to computerized automation which significantly eliminates dependence on human labour thereby threatening great reduction of employment. Unless we face up to and solve the difficulties of living with minimal economic growth and greatly reduced need for human labour we can only expect many more Brexit and Trump like forces to fragment an already inadequate and failing economic system. Padraic Neary, Tubbercurry, Co. Sligo