After a spectacular year, in 2021, with growth of 13.5%, which led the country to lead Europe, the Irish economy continues to show a good recovery, since the beginning of the Covid-19 pandemic. 19. This is what a survey carried out by the Economic and Social Research Institute (ESRI) in that country points out.
According to the survey, exports should guide Ireland’s economic growth this year, which should lead to a Gross Domestic Product (GDP) growth of nearly 7%.
The news is great for foreigners, as sectors such as hotels, restaurants, arts and entertainment, for example, are showing good growth rates. Normally, when an outsider arrives in Ireland, these are the professional areas that attract foreigners the most.
Housing and Unemployment
We recently published a text on the difficulty of international students finding housing in Ireland. The Irish government is putting its efforts into resolving this issue as well.
With positive economic growth, the European Central Bank announced that it should raise interest rates. According to the ESRI report, this means home prices in Ireland are expected to drop by as much as 2%.
In addition, the government expects to build up to 26,000 homes this year and another 27,000 next year, increasing supply for growing domestic demand.to find affordable housing in Ireland should
The growth in the job market has generated, in the last two years, a higher tax collection, which allows the Government to invest in actions aimed at low-income families, where many foreigners fit.
Challenges for the Irish economy
For ESRI experts and leading Irish economists, the challenge for the coming years is to maintain financial growth in the face of rising interest rates and with possible aggravations in the conflict between Russia and Ukraine.
Likewise, forecast inflation can be another point of attention. Although the forecast is for inflation around 7%, the energy and food sectors can grow much more than that, and may even exceed 20%. Therefore, it is important to know how to manage expenses in these areas.
How is the economy in Ireland today?
In this way, we can conclude that the economy in Ireland is currently experiencing a moment of opportunity. The situation is very favorable for those who want to come to the country in search of new projects and objectives.
If you are planning to go to Ireland in search of opportunities, for sure, you are making a choice with many positive aspects, such as the forecast of the Irish economy and that is precisely what attracts more and more Brazilians to this European country.