Blog Archives

Irish economy to grow, inflation to fall next year - IMF

6/5/2022

The International Monetary Fund has said growth in the Irish economy is expected to "remain strong".

But it warned that risks are "tilted to the downside" as there is "substantial uncertainty" due to the fall-out from the ongoing war in Ukraine.

The IMF forecasts growth in GDP (Gross Domestic Product) terms of 6% this year and 5% next year. It expects inflation to average 6.5% this year before falling to 2.8% next year.

Hospitality Fears End of Supports

6/5/2022

Bars, hotels and restaurants fear they risk going out of business if Government fails to retain some Covid supports this year.

According to a survey by insolvency experts Kroll and the Restaurants Association of Ireland (RAI), more than 85pc of hospitality firms say they would not have survived without government supports.

Out of 150 companies surveyed, 42pc said they will not have enough working capital after the end of supports, such as the employment wage subsidy scheme, which will stop this month.

Industry body forecasts improved recovery of tourism for 2022

3/5/2022

Projections this year now show 67% recovery to 2019 levels, up from 60%
ITIC predict full recovery won’t be achieved until 2026
Flagship conference sees tourism sustainability report launched in association with AIB
26 key policy recommendations
Cost inflation, labour shortages and Ukraine war all pose a challenge as ITIC warn that “Government must stay the course in supporting tourism recovery”

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