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Irish economy will grow by 4.5% this year and 5% next year – Paschal Donohoe

DUBLIN: The Irish economy is expected to rise by 4.5% this year and 5% next year, according to Finance Minister Paschal Donohoe and Public Expenditure Minister Michael McGrath.

Meanwhile, another metric, which the government says is more reflective of the economy, projects 2.5% growth this year and 7.5% growth next year. However, these growths depend on the roll-out of the vaccine.

The Minister for Finance told cabinet ministers that the vaccination program “is being significantly ramped up in the second quarter and should allow for a more significant but cautious easing of containment measures over the summer.” He added that “this will allow for a substantive and sustainable recovery to begin.”

Minister Donohoe updated cabinet ministers on the financial cost of COVID-19, as well as Ireland’s GDP growth, on Wednesday.

Mr. Donohoe also mentioned that the COVID-19 Pandemic would add €35 billion to the national debt by the end of this year.

After his update to the cabinet ministers, Mr. Donohoe will publish his Stability Programme Update (SPU). It is due to be submitted to the European Commission and European Council later this month.

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