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Dublin: 7 °C Tuesday 21 October, 2014

Ibec predicts strong post-bailout growth and 50,000 jobs in 2014

The business group has predicted stronger growth than the Government, saying GDP could rise by as much as three per cent in 2014.

Image: Economic chart via Shutterstock

BUSINESS GROUP IBEC has predicted a more optimistic growth figure than the Government, saying that the Irish economy will grow by nearly three per cent in 2014.

The group’s latest Employment Outlook report says that 2014 will also see another year of positive job creation.

In its 2014 forecasts, Ibec revised upwards its GDP growth prediction, from 2.3 per cent to 2.8 per cent, the group predicted that investment in the economy will increase by 15.5 per cent and consumer spending will increase by 1.3%.

Ibec also called on the government to deliver an ambitious post-bailout plan.

The report said it was now time to reduce income tax, reform public sector pensions, invest much more in infrastructure and do more to help get people back to work.

Ibec chief economist Fergal O’Brien said that the figures should lead to a gain of around 50,000 jobs.

“The prospects for 2014 are good and the recovery will gain further momentum next year. Growth should accelerate to nearly 3% and this will lead to about 50,000 new jobs.”

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