Oliver Mangan: Irish economy was never expected to escape impact of the global downturn

Social media companies, including Meta, appear vulnerable to a downturn in advertising revenues.

The first signs of the marked slowdown in the pace of global growth impacting the Irish economy have become apparent recently, with announcements of imminent job losses in a number of high-profile tech companies. 

This is part of a worldwide retrenchment plan by these companies, who acknowledge that they expanded their workforces too rapidly in the past couple of years, given we are now facing a period of much weaker global demand. Social media companies, in particular, appear vulnerable to a downturn in advertising revenues.