Cost of living to keep rising in 2023 as Irish economy attempts to head off recession, ESRI says

New report says Ireland should avoid recession but that growth in the economy will be ‘significantly reduced’

Grafton Street: the ESRI said consumption would rise by 2.1 per cent next year and predicted the country would stave off a recession. Picture:

Cost-of-living pressures, combined with “significantly reduced” growth in the Irish economy, are likely to pose substantial challenges to the country in 2023, according to a new report from the country’s economic think tank.

In a quarterly bulletin published this morning, the Economic and Social Research Institute (ESRI) said growth would likely fall from 8.4 per cent in 2022 to 2.2 per cent next year, as measured by modified domestic demand.

It noted that an international ...