Economy

John Walsh: The global economy’s gloom could spread to Ireland in 2024

The prospects of the domestic economy hinge on unpredictable outcomes in a number of international areas

The European Central Bank, led by president Christine Lagarde, is expected to cut interest rates from next June at the earliest. Picture: Hollie Adams

The fact that the economy ended 2023 in a technical recession while at the same time posting record tax revenues underlines how – in the context of Ireland – official economic indicators are as useful as an ashtray on a motorbike.

According to the last figures released by the Central Bank, it forecasts that GDP will shrink by 1.3 per cent in 2023, the first annual contraction since 2012. According to the Central Statistics Office, ...