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19/04/2024

Look at the Irish Economy’s Performance and Future Outlook

The Irish economy remains robust despite challenges such as inflation and higher interest rates. Key highlights include:

  • The economy added 90,000 jobs in the past year.
  • The global economy is undergoing significant change, with increased state-subsidized competition for technology investments, lower trade openness, and rising geopolitical risks in supply chains, energy, and commodity markets.
  • Irish companies selling abroad will face a more uncertain and volatile business environment.
  • There is a growing focus on managing volatility, reducing vulnerability to inflationary swings, and addressing competitiveness concerns.
  • The Irish export model has been successful but will face challenges in the changing global economy.
  • Capital investment and exports fell in 2023 due to one-off factors, but are expected to rebound in 2024.
  • Consumer-facing businesses will see a return to real income growth despite ongoing challenges with higher global commodity costs.
  • The global economy in 2024 is characterized by rapid and accelerating change, driven by significant shifts in government competition for major projects, especially in the US and China.
  • Rising Chinese export shares will impact global competitiveness and capital flows.
  • Europe is slowly moving in the same direction as the US and China, with potential risks to the EU Single Market.
  • Changes in global supply chains will lead to more disruptions and less integrated trade, resulting in more volatile inflation and costs for businesses.
  • The era of cheap or zero-interest money is likely behind us, leading to a growing focus on cost certainty and competitiveness.

Overall, the Irish economy is expected to continue growing, but the pace of growth may be more subdued due to increased global competition and weaker growth in key trading partners.

Source: Italian Irish Chamber of Commerce

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