Launch of Ibec Economic Outlook report, and sponsoring Belgium GAA
Today we published the latest Ibec Quarterly Economic Outlook report, forecasting that domestic demand will grow by 3% in 2023, a downgrade from close to 4% in its previous set of forecasts in July 2022.
The international economy is undoubtedly in a place of significant challenge due to high rates of inflation, rising interest rates, accelerated monetary tightening and volatile energy markets. For 2023, we are forecasting that GDP will grow at a rate of 2%, and that whilst Ireland will likely avoid a recession, households and businesses will feel the slowdown in many of our major trading partners.
Despite the emerging challenges, it is important to acknowledge that Ireland is in a unique position in Europe with tax revenues growing rapidly, allowing the Government to engage in both higher spending and to run a significant budget surplus. This strong fiscal position, along with strong economic momentum, and some of the highest household savings in Europe gives us the tools to weather the storm hitting major trading partners. Ensuring key schemes, such as the Temporary Business Energy Support Scheme, are timely and adequate will be crucial to protecting the business economy throughout the winter.
The latest episode of Ibec Responds features insights from the report, while you can report can be found attached.
Elsewhere this week, Ibec is delighted to announce its sponsorship of the Belgium GAA team, one of the biggest GAA clubs in Europe.
The sponsorship underlines Ibec’s intention to enhance our already steadfast commitment to the permanent representation of Irish business in Brussels and celebrates Ibec’s deep roots in the Irish community in the European capital. The sponsorship comes ahead of next year’s significant anniversary of 50 years of Ireland’s EU membership and 50 years of Ibec representation in Brussels. You can view some photos from the official launch here.
As always, please get in touch if you have any queries.
IbecIbec Quarterly Economic Outlook report - Q3 2022 pdf | 655.4 kb