(Bloomberg) -- Ireland's economy will remain strong in 2024 as inflationary pressures ease and key measures support growth, Finance Minister Michael McGrath said in an interview with theBusiness Post.
While acknowledging global headwinds, McGrath said Ireland had much to be optimistic about with record employment, falling national debt, a large budget surplus and increasing housing output.
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“The Irish economy will continue to grow as measured by modified domestic demand, a measure we believe best reflects the underlying health of the Irish economy,” he told the newspaper. “I am confident about the prospects in 2024.”
McGrath confirmed that the state's finances will finish the year in surplus.
His comments follow the International Monetary Fund's prediction this month of a soft landing for Ireland's economy and praise for its “remarkable resilience in the face of consecutive shocks.” The IMF said private consumption underpinned solid growth, even as homegrown activity slowed.
The domestic economy, measured by modified gross national income, will expand at a “still a healthy pace” of 2.5% in 2023-2024, the IMF said. It warned, however, of “considerable external risks” — including weaker foreign demand, rising commodity prices and global conflicts.
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