In its latest Quarterly Economic Bulletin, the regulator said the Irish economy will continue to grow strongly in the coming years.
It expects to see unemployment fall to 5.8% this year and return to pre-pandemic levels by 2024. It means the economy is expected to generate 167,000 new jobs this year.the overall outlook for the economy is positive. “With most of the restrictions now removed, given the strong dynamics we are seeing in the labour market in particular, the outlook remains very positive and we are forecasting strong growth in domestic demand of 7.1% this year and around 5% in both 2023 and 2024.”He said strong employment growth is driving the recovery in the economy.
“The increase in female employment has been particularly notable so we are forecasting significant further employment growth over the next three yearsThe main cloud on the horizon is the level of inflation – which the Central Bank said is now at a 21 year high due to surging demand, supply bottlenecks and rising energy prices.It said energy prices and supply chain issues should ease as the pandemic recedes – leading to a reduction in inflation from the second half of this year.
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