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Economy returns to pre-Covid l...

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Economy returns to pre-Covid levels

RedFM Sport
RedFM Sport

07:43 26 Jan 2022


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Ireland's economy has returned to pre-Covid levels.

In its latest quarterly bulletin, the Central Bank's predicting domestic demand to grow by 7.1% this year.

It's forecasting roughly 170,000 new jobs to be created through to 2024, and unemployment to fall below 5% in that period.

However it says inflation's now at a 21 year high, at 5.7%, due to surging demand, supply bottlenecks and rising energy prices.

However Director of Economics and Statistics at the Central Bank, Mark Cassidy, says the overall outlook's positive.

"The economy overall has show itself to be very resilient to the effects of Covid, with employment and output now back to pre-Covid levels.

"With most of the restrictions now removed and the strong dynamics that we're seeing int he labour market in particular the outlook remains very positive, we're forecasting strong growth in domestic demand of 7.1% this year, and around 5% in both 2023 and 2024."


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