Paris-based agency says falling real incomes will hold back consumer spending in Ireland until the middle of next year
This would lead to significant slowdown in growth in the Irish economy with modified domestic demand , a more accurate measure of domestic activity, expected to grow by just 0.9 per cent, down from a projected 8 per cent increase this year.
The agency also noted that high corporate tax receipts were supporting the public finances and welcomed the Government’s decision to divert some of the additional revenue into a national reserve fund.
Headline consumer price inflation in major advanced economies is projected to moderate from 6.3 per cent this year to around 4¼ per cent in 2023 before falling back to 2½ per cent in 2024.
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