IRELAND - Strong underlying fundamentals should see growth in the Irish economy continue to outpace growth in the Eurozone and OECD area, experts have forecast.
Dermot O’Brien, economist at NCB Stockbrokers, told the IAPF annual investment conference in Dublin this week that he expected growth in Irish GDP this year of around 6%, rising to 6.5% next year, helped by the impact of maturing SSIA savings.
“Because of Ireland’s unique demographics and economic structure, growth is likely to remain strong for the remainder of the decade working out at perhaps 5 to 5.5% per annum,” he said.
Ireland experienced its “baby boom” much later than some of its European counterparts, meaning population ageing was not as much of a challenge in the near future as for other countries, he explained.
In the medium term, Ireland has the capacity to continue to generate growth rates of 4 to 4.5% in the following 10 years, O’Brien added.
He said Ireland’s economic performance was being underpinned by continued growth in population, especially in the most productive 25 plus age groups.
“We are on course to produce a population of 5 to 5.5m in the Republic of Ireland in the next 20 years,” he said.
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