The Central Bank: The Irish economy is expected to recover , creating an additional 160 ,000 jobs over the next two years

The central bank expects that the Irish economy will witness a growth spurt after emerging from the emerging Corona virus crisis, which will create 160,000 new jobs over next two years across the country and as a result the unemployment rate in Irish workers will drop to less than 6%, as the unemployment rate is Irish, according to the latest reports , is around 12.9% .

The latest central bank reports indicate that the Irish economy has already rid itself of much of the impact of the Corona virus crisis , and that domestic consumption, investment and employment are currently growing at apace equal to or greater than expected , as Irish domestic economic activity is expected to recover by 15% this year, and it is also expected wages will increase by an average of 5.1% this year and 4.8% next year in the areas of construction and finance

The Central Bank of Ireland also made it clear that the government needs to think about balancing future public spending increases while providing additional ways to raise revenue as the Irish economy recovers from the pandemic.

Althugh the Irish economy is one the way to boom ,but the central bank has expressed concerns about inflation in spending , icluding new spending on housing stating that there is a need for careful and balanced management of public finances.

Mark Cassidy , Director of the Economics Office at the Central Bank, explained that the general budget deficit it produced by pumping more money into the economy than is being pushed , explaining that the central bank expects a recovery in the construction process in accordance with the Irish governement’s strategy from housing for all , where it is expected Up to 27,000 new homes to be built next year and 31,000 new houses in 2023.

Source:RTÉ

Categories: News- Ireland

Tags:Central Bank## Irish economy## New jobs##

Fatma Salem