Economy Will Bounce Back From Social Media Job Cuts

'We shouldn't panic' says Taoiseach

- Ferghal Blaney

MICHEAL Martin said Ireland will “regroup” and look for more job opportunities in other sectors as Facebook announced shock cuts.

Owner Meta said it was considering massive layoffs in its 85,000-strong global workforce. The company, which also owns WhatsApp and Instagram, employs 3,000 people in Dublin.

It follows Twitter and Stripe, who last week announced hundreds of imminent job losses.

But the Taoiseach yesterday urged people not to panic and said the economy has proven its resilience in “bouncing back” from economic shocks.

Speaking from the COP27 UN climate conference at Sharm El-Sheikh in Egypt, Mr Martin said: “We will consult with all the various companies.