Quarterly Economic Outlook Q3 2020
The latest Ibec Quarterly Economic Outlook Q3 2020 details how Ireland is experiencing a ‘K-shaped’ recovery, with a growing gap between firms and households whose economic prospects have proven resilient during COVID and those which face significant falls in income and opportunity. This is borne out in recent data, which shows that domestic demand fell by one fifth in Q2, while conversely our exports proved more robust than anywhere else in the EU.
As an open economy with access to one of the World’s biggest markets, our export model will again provide the opportunity to grow our way out of a difficult economic position. But this strategy of export-led growth will only succeed, for all sectors and regions, if workers in growing sectors can spend their incomes in local economies.
The report holds that the key to Budget 2021 is not a challenge of a society with too little resources, it is a challenge of finding the right channels to get those resources moving, and people back to work.
Download the full report to find out more.