Businesswoman Aine Kerr said we need to be in a “state of readiness” for a coming recession.
But the award-winning entrepreneur and host of RTE radio show Reignite reckons tough lessons learned from the last crash will serve us well. Kerr, 40, added our “muscle memory” may buffer us from a predicted economic downturn and said: “If it happens next year hopefully it will be short and mild.
“We’ve built on the learnings of the last recession. We’re not as reliant on the construction industry and we’ve tried to regulate banks and build jobs growth. A lot of indicators suggest we are probably better set up this time around to better weather it.
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“There’s that phrase, ‘Never waste a crisis’. We must build a frontline defence now so if there is this short, mild depression, we’re ready for it.” She added a weak point may be a dependence on multi-nationals.
Kerr said: “We are reliant on a lot of foreign direct investments and multi-nationals which is always a worry as our biggest risk is pull-outs and the impact on jobs – people ultimately losing jobs.
“I’d like to think we did learn from 2008 and put a lot of systems and structures in place and diversified a lot since. Our generation is looking at a second recession in two decades. On top of that we are looking at climate change, a war in Europe and inflation.
“People can feel vulnerable, but hopefully, like everything, this shall pass. Leaders, experts and policy-makers need to give people the right tools to go and start future-proofing now. To be proactive and preventative in their daily lives.”
Kerr’s new RTE Radio 1 programme will feature inspirational leaders and industry experts to give listeners tips on taking a new idea and going for it. The Monaghan executive and broadcaster is one of Ireland’s leading women in business, having swapped a career in media to launch her own tech start-up, Kinzen.
This is her third series of Reignite, which aims to help workers and business owners, both large and small, re-evaluate and reprioritise after three years of turbulence. Looking back on the life changes since the show first started, she added: “Season one, we were in a global pandemic and businesses were closed and people were having to rethink careers.
“By the second year, we were well into a pandemic and people were exhausted and there was a lot of talk about burnout and work/life balance. I think by this point, we have realised we are going to have continued uncertainty and change is constant.
“We’re facing the war in Ukraine, climate change, Brexit is still an unknown, the cost of living crisis and inflation. It doesn’t matter if you’ve just done a Leaving Cert or if you’re on the cusp of retirement or anywhere in between.
“The question is, ‘How do I deal with constant change? How do I cope with the chaos without?’ It’s about mental fortitude and an open mindset where we are constantly willing to learn and be curious and make mistakes and fail and go out again.
“We’re learning about what we can do to help each other, too, and in that find a sense of purpose. We talked about the great resignation before. Now it’s more like the great re-engagement.”
A cause of frustration for consumers and business owners is the rise of price gouging. Kerr said: “Purchasers who have to buy products and services can’t but feel frustrated with what can feel like price gouging.
“The debate on it has been right and proper – and we have looked at it from a consumer point of view.”
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