Based on the research by John FitzGerald from The Irish Times [source], the Irish economy is poised to offer a welcome boost to households in 2024, with an anticipated increase in disposable incomes. This optimistic outlook follows a period marked by inflation and cost-of-living challenges, highlighting a significant recovery since the 2013 financial crisis. The employment sector, in particular, has witnessed a remarkable 40% growth, contributing to the overall economic wellbeing.
The Irish economy is set to bring good news to households in 2024 with a forecasted increase in disposable incomes. Despite previous struggles with inflation and cost-of-living challenges, the recent boost in employment and economic growth signals a turn towards better financial stability for many. The employment sector has seen a remarkable 40% growth since the financial crisis in 2013, marking a significant recovery.
The pharmaceutical and IT services sectors, integral to Ireland’s economy, have experienced changes but continue to contribute positively to employment and national income. Notably, the completion of Intel’s €17 billion plant in Maynooth is expected to significantly contribute to domestic production.
However, experts suggest a more balanced fiscal policy to manage the rapid economic growth effectively. The current fiscal approach, while stimulating the economy, may also add to inflationary pressures. A recalibration involving reduced spending or increased taxes might be prudent to ensure sustainable economic progress.
This economic forecast promises a brighter year ahead for Irish households, as the nation continues to navigate the post-pandemic landscape and global economic challenges.