Davy Economic Report Forecasts ‘Rapid Growth’
According to a report by Davy, Ireland is on the verge of rapid economic growth. A broad-based acceleration of economic growth is expected with growth of national income to 4.5% in 2024 and 4.3% in 2025. Features of Davy’s new economic forecasts include Employment growth of 2% a year helped by Foreign Direct Investment, Lower inflation of close to 2% boosting consumer spending growth, Housing output to reach 40,000 units next year, Continued budget surpluses of about 2% in 2024 and 2025. According to Davy funding levels will rise due to higher debt rollovers, increased investment and the costs of an aging population.
Housing demand is also set to be impacted significantly due to high migration levels being forecasted. An increase of 36,000 housing completions are expected this year and 42,000 next year.
In terms of investments needed, 30 billion euros of investment funding is needed over the remainder of the decade if the governments 5GW and 11GW targets for offshore wind and solar capacity are to be met by 2030.
