Ifac says rapid economic recovery from Covid stalls in face of higher prices
As for Ifac, its outlook is further clouded by the prospect of recessions in Ireland’s main trading partners, most notably the UK, while the recent spate of job losses in the tech sector, one of the key growth sectors here, signalled a change in the business environment.
The Government is forecasting a budget deficit of about 3 per cent this year when excess corporation tax receipts are excluded. This represented a substantial narrowing of the deficit even with cost-of-living measures, the defective concrete blocks scheme, and increases in public sector pay, the council said, reflecting “strong revenue growth and lower pandemic-related spending”.
“To help tackle these areas the Government needs to start planning ahead by forecasting at least five years ahead, making credible plans to address ageing and climate change, and reinforcing the budgetary framework around its 5 per cent spending rule,” he said.
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