Good prospects for the Irish economy … to see further growth, ESRI says
Dublin: The ESRI forecasts that the Irish economy has a lot to look forward to. According to the quarterly economic report, inflation will stabilise and the Irish economy will expand further next year.
The report forecasts the country’s domestic economic activity to grow by 3.8 percent in 2023 and 3.9 percent in 2024. As energy prices fall, inflation will also fall significantly. It will fall to 4.5 percent in 2023 and then to 3.5 percent the following year.
However, the report expects price levels to remain elevated. Interest rates will continue to be high. Despite global uncertainty, ESRI believes that Ireland’s economy will grow faster than expected. Prof. McQueen said.
However, the report explains that there will be no significant reduction in inflation, which will have a negative impact on the lives of ordinary people. The report says the price hike will put low-income families under financial pressure.
The report shares worries about the global banking sector and concerns that tensions raised by Russia’s aggression in Ukraine could further weigh on economic forecasts.
In February of this year, the country’s unemployment rate reached a record low of 4.3%, which indicates that the country’s workforce will remain strong. The report says that the export sector also contributed significantly to the country’s overall growth in 2022.
Corporate tax revenue and receipts will create a significant surplus in the exchequer over the next two years. But the report also highlights the danger of over-reliance on corporation tax from the pharma and ICT sectors.
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