IBEC says Ireland will avoid r...


IBEC says Ireland will avoid recession in 2023

RedFM News
RedFM News

03:12 3 Nov 2022

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Employers group IBEC expects Ireland to avoid a recession next year, despite many of the country's biggest trading partners facing a financial downturn.

In it's latest report, it forecasts the amount spent on goods, services and investment in Ireland to grow by 3%, down from the previous forecast of 3.7%.

It says weaknesses in the global economy growth remains the biggest risk facing the Irish economy.

But IBEC's chief economist, Gerard Brady, explains why he thinks Ireland will avoid recession:

"The Government has a strong financial position to backup the economy if needed. Households also have a pretty strong financial position in terms of savings. Thirdly, we probably have a stronger link in to the US economy which will do better than a lot of Europe next year. What we see is probably an outlook which is marked by a very difficult international environment, both one domestically which will probably outperform a lot of Europe."

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