Tuesday 6 December 2016

IMF predicts even stronger growth for Ireland than it forecast just last month

Published 14/04/2015 | 14:08

Christine Lagarde, MD of the International Monetary Fund pictured with Minister for Finance Michael Noonan after a joint press briefing in Government Buildings.
Christine Lagarde, MD of the International Monetary Fund pictured with Minister for Finance Michael Noonan after a joint press briefing in Government Buildings.

The International Monetary Fund (IMF) is predicting stronger growth for Ireland this year and next year than it forecast just last month.

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In its World Economic Outlook report, published this afternoon, the Fund is forecasting GDP growth of 3.9pc this year, better than the 3.5pc predicted in its most recent staff report.

That’s better than the current 3.6pc projection from the Department of Finance, although it is possible that the Government will publish an updated figure in its spring statement due out at the end of the month.

The Fund is also expecting growth of 3.3pc in 2016, up from last month’s forecast of 3pc.

The unemployment rate is also expected to decline at a fractionally quicker pace, averaging 9.8pc this year, and falling to 8.8pc in 2016.

Global growth is expected to be 3.5pc this year, the IMF added.

The IMF said that relative to last year, the outlook for advanced economies is improving, while growth in emerging market and developing economies is projected to be lower.

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