Ireland to experience sharp growth slowdown as cost-of-living pressures mount via IrishTimesBiz
The Irish economy will experience a sharp slowdown in growth next year as high inflation erodes the value of earnings and recessions in other countries dampen the State’s export trade, two high-profile reports on the economic outlook here have warned.
The OECD said the reopening of the Irish economy after Covid had triggered a bounce-back in activity, but inflationary pressures have emerged since then At the same time, high costs and low confidence would reduce companies’ incentives to invest. The Paris-based OECD predicted headline growth would be just 0.9 per cent next year.
“I can’t think of any other OECD country in this league,” Mr Koen said of the Irish GDP, which the Government estimates will amount to almost €500 billion this year and has been underpinned by multinationals based in the State.In its report, the ESRI warned that investment levels would moderate on the back of increased costs and higher interest rates, in particular, impacting the supply of housing.
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