Saturday 19 April 2014

Video: IBEC forecasting growth of 1.8pc this year

IBEC Chief Economist, Fergal O' Brien: IBEC says the Irish economy has the potential to grow by 3-4% per year.

THE employers' group IBEC is forecasting economic growth of 1.8pc this year, which is slightly above Government forecasts.

It today published its latest economic forecast, which recorded that Ireland’s economy grew by 1.2pc last year.

This made the Irish economy the second fastest growing economy in the eurozone.

And in a positive outlook, IBEC believes a slight increase in domestic demand will help the economy to grow at a slightly stronger rate this year.

It added that consumer confidence may be boosted by a deal on the promissory note payments, which would help the domestic economy.

In terms of wages for 2013, IBEC refers to a survey of employers, in which 39pc say they expect to increase pay by an average of 2pc.

However, six out of ten employers say they will freeze pay at 2012 levels in a bid to regain competitiveness.

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