Irish Economy to Grow by 2.7%
Irish Economy to Grow by 2.7%

Irish Economy to Grow by 2.7%

Irish Economy to Grow by 2.7%

Ireland’s economy will continue to grow at a good pace over the next four years, despite the backdrop of economic and political uncertainty, according to the EY Economic Eye Winter Forecast. The report predicts average GDP growth here of 2.7% between now and 2020.
Despite what EY describes as the seismic shift in the global economic and political movements, it said Ireland’s economy will continue to prosper with 3.1% growth this year and 2.9% in 2017, RTE reported.
It also expects the jobs market to grow further–particularly in the retail and construction sectors–with the market set to come close to the peaks seen in 2007.
EY said an additional 24,000 jobs are likely in the retail sector by 2020, driven by a rise in consumer spending, while it forecasts more than 20,000 new construction jobs during the same period.
However, the EY report also warns of a contraction in employment in the agriculture sector, as well as sluggish growth and an overall decline in the jobs market in Northern Ireland.
It said some sectors are predicted to not perform as well post-Brexit, with the report finding the investment and export orientated sectors will face the largest downside risks to their prospects.
Economic Advisor to EY Economic Eye Neil Gibson said: “With uncertainty ahead of us, any economic forecasts must be highly conditional at this point, and that is likely to be the case for at least the first half of 2017 as divorce negotiations between the UK and the EU continue.”
EY sees rising costs and trade restrictions resulting in the number of agriculture jobs falling by more than 10,000 by 2020.
Gibson said addressing the economic uncertainty “will require collaborative action from government, EU, and public private partnerships”.


Short URL : https://goo.gl/zfOaEk
  1. https://goo.gl/tKbhJG
  • https://goo.gl/Y0S1q8
  • https://goo.gl/X1tC8i
  • https://goo.gl/O6tPkg
  • https://goo.gl/m5MirM

You can also read ...

Cambodia’s economic outlook remains positive, but is subject to downside risks.
The IMF Managing Director Christine Lagarde expressed optimism...
More and more Thai merchants are integrating WeChat Pay and Alipay’s systems to cater to tourists.
The internet has changed the way most people live. Through...
More India Bank Frauds Revealed
Over 25,800 fraud cases involving about Rs179 crore ($1.79...
Free trade achieves more good for the planet.
US President Donald Trump’s steel tariffs have brought the...
Qatar Calls to Investigate UAE Bank’s Bogus Deals
Qatar has asked US regulators to investigate the US subsidiary...
Morocco Currency Reform on Right Track
Few weeks after the launch of the gradual dirham float, the...
EU Readies Tax on US Technological Titans
The European Union will next week unveil plans for a digital...
Apparel imports from ASEAN are growing, spurred by low labor costs  in such countries as Vietnam.
Import prices for apparel and daily goods in Japan plunged...

Add new comment

Read our comment policy before posting your viewpoints