World Economy

Ireland to Surpass Europe Economy

Ireland to Surpass Europe EconomyIreland to Surpass Europe Economy

Ireland’s economy will continue to outperform the rest of Europe, growing by 5.4% this year, according to IBEC’s (the national voice of business in Ireland)  first-quarter economic outlook, Business Plus reported. The IBEC report said that a combination of favorable exchange rates, quantitative easing and lower oil prices will result in strong growth this year and next, with unemployment falling below 9% this year. IBEC added that despite the stronger than expected recovery, the government still has limited room for fiscal maneuvering. The group is advising that the government prioritize cuts to the marginal tax rate for all workers and undertake ambitious investment in capital projects, education and innovation in the upcoming spring statement. On pay, IBEC’s head of policy and chief economist, Fergal O’Brien, said that economic growth will in time translate into pay increases across the economy.