Ireland’s budgetary watchdog has said 2023 will be a “bad year” but in the medium term it expects the economy to recover.Representatives from the council appeared before the Budgetary Oversight Committee on Wednesday evening to discuss its recent assessment report.Mr Barnes said aggregate consumption by all households in volume terms is expected to be “flat from the end of this year through next year”.
“It’ll be a bad year next year, but in the medium term, under those hypotheses, we would expect things to get better.” Mr Barnes made the remarks in response to People Before Profit TD Richard Boyd Barrett, who asked whether there was a danger of a recession if inflation is greater than any compensatory measures the Government introduces.
Budget 2023 forecasts real GNI star growth of just 0.4% in 2023 before returning to more normal rates of about 3% in 2024 and 2025. “There is now a window of opportunity for Ireland to reduce its debt burden to safer levels while interest costs remain low, despite recent rate rises,” Mr Barnes said.
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Source: IrishTimes - 🏆 3. / 98 Read more »