Member's statement: Global Economy

Member's statement by Ms Sinéad McLaughlin on 2 February 2026.

MLA

Ms Sinéad McLaughlin

Party at the time

Social Democratic and Labour Party

Date

2 February 2026

Type

Member's statement

Business

Members' Statements

Heading

Global Economy

Assembly identifier

Official Report component 5356154

Read the official Assembly record

Text

At last week's meeting of the Executive Office Committee, members heard directly from our overseas representatives who are based in Brussels, China and Washington. What struck me most was not just the breadth of engagement but the consistency of the message that they brought back: the global economic landscape is shifting, and Governments across the world are responding in real time. We see that in the European Union's pursuing trade engagement with India; Canada recalibrating its relations with China; and the UK and Ireland mounting renewed trade missions, broadening partnerships, diversifying markets and spreading risk. That is not accidental but a rational response to a world in transition. For decades, global growth was shaped by an assumption that stability, investor confidence and political reliability would always be anchored in one dominant power, the United States. That assumption no longer holds. Investor confidence has been shaken by the unpredictability, institutional weakening and retreat from multilateralism under the Trump Administration. What we are now witnessing is a deliberate shift away from over-concentration towards balance. That matters to us on this island, because a rebalancing of the global economy presents a real opportunity for Ireland, North and South. A world where capital and innovation are more evenly distributed is one where smaller regions can thrive, but only if we are prepared to seize the moment. That is why the SDLP believes that the British Government must move with urgency to rebuild closer alliances with Europe. Leaving the European Union was a major misstep, and one that has cost us economically and socially. It is a decision that can be reversed, however. As the global landscape shifts, the case for rejoining the European Union is clearer now than ever before, and social democracy must sit at the heart of how we respond, because diversification is not just an economic strategy but a political one. It means building growth that is shared and sustainable and that is rooted in strong public institutions. Global investors are seeking stability, certainty and long-term value. Northern Ireland can offer that, but only if the Assembly provides coherence, ambition and confidence. Trade missions and overseas offices matter, but they must be matched by delivery at home, a planning system that works, infrastructure that enables growth and an Executive who understand that resilience comes from balance, not dependency. A new global order is emerging. The question is this: will we recognise that shift early enough to benefit from it or will hesitation and short-term thinking leave us behind?

This is not only a change that is happening to us; it is a change that we must be ready to meet.

439 words. Text as published by the Northern Ireland Assembly.

Assessment

Not flagged

Jev’s structured answers

Assessed 21 October 2026 at 14:18 UTC by jev-1.13.0 (requested as typesafe/jev) under rubric 2026.10-r9, methodology 1.9.

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