Economy
Ibec upgrades forecast as inflation predicted to fall below 4%
Business lobby group says prolonged recession in Europe is unlikely this year due to reduced exposure to energy price inflation
A reduction in the volatility of wholesale energy prices, easing inflation, and resilient global demand has led Ibec, the business lobby group, to upgrade its forecast for consumer spending and domestic investment in Ireland for this year.
Despite remaining challenges, including ongoing monetary tightening by central banks, the group now expects the Irish economy to grow by 3.6 per cent in 2023, and for inflation to fall below 4 per cent later this year.
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