5 Irish sectors that always survive recessions

Worried about the current economic crisis? If so, here are five Irish sectors that always survive recessions.

As high inflation rates hit the entire globe, Ireland is suffering fierce headwinds and the worst cost-of-living crisis of the decade.

High prices for gas and other essential items are putting a strain on the economy. While we are not seeing the typical signs of a recession just yet, it can hit any moment now.

If you are worried about the security of your income, you might want to reorient yourself to work or invest in one of the following five Irish sectors that always survive recessions.

Signs of recessions in Ireland – things to watch out for

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International crises like the pandemic and Russia’s attack on Ukraine are putting a strain on international economics. The inflationary pressures are rising as access to resources like gas is hindered.

For the citizens of Ireland and other countries, this means a high increase in the cost of living. Prices rise while income stagnates.

Experts say that a recession is possible but not a given. While many households are struggling financially, the typical signs of recession have not yet hit the country.Among those are:

  • Big cuts in employment.
  • Huge falls in house prices.
  • Citizens in negative equity.
  • Governments doing austerity.

Especially considering the employment rates being eight per cent above pre-pandemic levels and house prices still rising, the traditional recession has yet to start.

However, a further sudden deterioration of conditions for the multinational sector and a sustained spike in gas prices due to Russia’s war against Ukraine, could push the country into recession.

How to protect your capital from the inflation and potential recession – advice to prevent the worst

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The first sign of a recession would be companies starting to cut back on employment. Whether or not that has happened yet, people already struggle to pay their cost-of-living while prices rise.

To protect our capital, it’s best to act now, in case we will lose our jobs, or our income will continue to decline in value.

There are several strategies that can help us increase or secure our money:

  • Investing: Traditionally, during crises, the stock market is in disarray and many values plummet. However, with strategies like binary trading (Trusted-Broker-reviews.com/binary-options-broker/), we can profit from falling market values. Alternatively, investing into non-virtual assets, like gold or real estate, can be a great way to lessen the impact of our currency declining in worth.
  • Increased Income: With smart investment strategies, we can increase our capital to balance out the effects of the inflation. If you are working for a company that can pass the higher costs on to their customers, you can even consider asking for a raise. Use the increased cost-of-living as well as your hard work during the pandemic as a conversation starter.
  • Job Security: If your employer is struggling, and you are afraid they might have to start cutting jobs, you can start to reorient yourself on the employment market now. The following are five Irish sectors that always survive recessions.

Stable industries during and after recessions – great places to look for work

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There are some industries that do not suffer from recessions as much as other sectors. Here, you have guaranteed job security and can often use the necessity of your labor as leverage for salary increases.

Typically, these sectors are considered essential industries that are inelastic, meaning outside influences do not affect their success as much as other branches.

Below we reveal five Irish sectors that always survive recessions.

5. Education – an extremely important industry

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Teachers and other educators are a requirement for a functioning society. During the pandemic, we could see that schools were some of the last places to shut down and among the first to reopen.

Even when children weren’t allowed to physically go to school, a lot of measures have been put in place to ensure the educators could continue teaching remotely.

4. Healthcare – demand actually increases

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Any healthcare professionals have a very high job security. One reason is that the sector is critically understaffed regardless of a recession.

The other is that the need for healthcare treatments does not go awayeven if high inflation rates and financial crisis burden the citizens.

Statistically, due to the increase in pressure and decline in standards of living, the number of people suffering from health conditions rise during these periods, making healthcare professionally more important than ever.

3. Public Services – one of the five Irish sectors that always survive recessions

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The same applies to other public services, such as sanitation and bin collectors. If garbage collection stopped, chaos would quickly ensue while the hygiene declines, pests spread, and more people fall ill.

Many public service structures, like supply of water, electricity, internet, and heating, are essential for the general public and their wellbeing.

2. Consumer Staples – people always need essentials

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Companies that produce and sell basic consumer staples, like food and hygiene products, are always in need as well. Even during an economic downturn, citizens still need to eat and take care of their bodies and homes.

In particular, discount stores start to succeed more during a recession, because more people need to rely on their low prices.

1. Alcoholic Beverage Manufacturing – consumption shifts

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It might seem like a superfluous industry, but the manufacturing and supply of alcoholic beverages are sectors that thrive during crises.

Even if people start reducing the time they spend in bars and restaurants, the intake of alcoholic beverages in their homes increases. For many, alcohol balances out the stress of financial burdens, regardless of whether it’s a healthy coping mechanism or not.

Conclusion – the Irish sectors that always survive recessions

While the recession has not yet hit Ireland, its citizens are already suffering under the increased cost-of-living.

This gives us the opportunity to act now and protect our capital before companies start cutting jobs. Several strategies, like investing and increasing your income, are helpful tools.

People who fear for their jobs can now start to look for employment in one of the five Irish sectors that always survive recessions: education, health care, public services, consumer staples, and alcohol manufacturing.