In 2020, the economy of Belfast, Northern Ireland, and the UK has been shrinking. None of this could have been foreseen, with a pandemic spreading quickly and leaving us with no other option than to shut down. Now, as Belfast tentatively reopens, we need a strategy for fast growth. We need to be brave and creative to find ways to replace jobs lost in the pandemic.
One industry worth considering is CBD. This chemical compound, derived from the hemp plant, has powerful health benefits and is set to be one of Belfast’s fastest growing industries.
The State of the Northern Irish Economy
As with the rest of the UK, the economy of Northern Ireland has taken a huge hit during the COVID-19 pandemic. In the second quarter of 2020, GDP in Northern Ireland fell by 14%. This massive decrease in productive output is concerning, with many experts praying for a quick recovery.
However, the pandemic is not over, meaning that the bounce back has been slow. Restrictions continue to be imposed, meaning that trading hours are limited and travel is being advised against. Economic activity remains lower than it needs to be for growth and no one knows when things will pick up. In order to offset the massive decline in GDP experienced in 2020, Belfast needs to find an innovative solution.
The Economic Impact of CBD
CBD is completely legal in the UK, though it’s arrival into the mainstream market has been slow. Due to its association with the class B drug cannabis, many brands have been reluctant to advertise that their product contains CBD. However, this is changing quickly.
Many people are surprised at the potential for growth in the CBD market. It’s already worth £300 million, with huge growth expected in the coming years. There may have been restrictions on high street shops but the online CBD market is massive meaning that it’s continued to stay strong throughout the pandemic. By 2025, experts predict that this industry will be worth £1 billion in the UK alone.
A Healthy and Productive Population
CBD is becoming a massive health trend for a reason, the main one being the huge wealth of evidence that it really works. People who take CBD find that they sleep longer, experience less stress, have reduced anxiety levels, better moods, and fewer aches and pains. All this adds up to a workforce that is both healthy and productive.
If local officials in Belfast want to turbocharge the economy of their city, then why not promote this food supplement? It’s the perfect time to help lower people’s levels of fear and make them into happy workers who get a lot done. Belfast is an innovative and exciting city. Through investing in CBD, productivity could experience the exponential growth needed to generate the speedy recovery this economy desperately needs. If you want to find out more about CBD, check out Cibdol.com.
It’s going to take a long time to get back on our feet but the people of Belfast have come through worse. We need to be open minded and find new ways of achieving growth. CBD is one product that could generate thousands of jobs while improving the health and wellbeing of the nation.