Irish economy will remain strong in 2024: Finance Minister McGrath
There is widespread optimism about the strength of the Irish economy in 2024, as predicted by the country’s Finance Minister Michael McGrath. In an interview with the Business Post, McGrath said he expected the Irish economy to remain strong next year despite recent challenges. The minister’s confidence stems from the anticipated easing of inflationary pressures and the implementation of policies to support growth.
McGrath’s economic forecast
Mr McGrath said he expected Ireland’s economy to be strong in 2024, with official growth forecasts of between 1% and 3%. Despite global headwinds, Mr McGrath confidently asserts that the country’s finances, particularly income tax and value added tax, which are closely linked to the domestic economy, are expected to perform well in the coming months. do. As a result, the state’s finances are expected to end the year in surplus.
Economist’s perspective
Corroborating McGrath’s forecast, economist John Fitzgerald predicts a positive economic scenario for Irish people in 2024. He expects wages to rise and inflation to fall, predicting inflation to fall to 3% or less. At the same time, wages are expected to rise by 5% as average people feel better off and continue to spend, boosting the domestic economy.
Key indicators of optimism
Key indicators supporting McGrath’s optimism include record employment, a decline in the national debt, large budget surpluses and rising housing production. These encouraging factors are expected to help maintain the strength of the Irish economy in 2024, despite substantial external risks such as weak external demand, rising commodity prices and global conflicts. The International Monetary Fund (IMF) has also praised the Irish economy, predicting a soft landing for the country. amazing resilience In the face of successive shocks.