THE BUSINESS BRIEF - ISSUE #2
Welcome to The Business Brief, your go-to source for a concise and informative recap of some of the latest trending articles in the business world. As a business consultancy, we understand the importance of staying up-to-date with the latest news and developments, which is why we've created this review of trending articles. Our team of experts brings you the most relevant and insightful pieces, analyzing and summarizing their key points in a quick and easy-to-read format.
The latest Economic forecast for Ireland with the headline note “EU Economy set to avoid recession, but headwinds persist”.
A very interesting week ahead as Ireland’s economic outlook remains subject to uncertainty due to trade developments related to the implementation of the Protocol on Ireland/Northern Ireland. Furthermore, the performance of multinational corporations could swing growth in either direction.
A good news story for Ireland at the same time as real GDP grew by 2.3% q-o-q in the third quarter of 2022, much stronger than anticipated. Investment increased by 92% q-o-q, driven by multinational corporations’ investment in intellectual property (matched by a corresponding negative impact of imports on GDP). Exports of both goods and services kept on expanding robustly and private consumption grew despite downbeat consumer sentiment. The flash estimate indicates that real GDP expanded rapidly in the fourth quarter of 2022, by 3.5% q-o-q, leading to an estimated annual growth of 12.2% in 2022. The outlook for GDP % growth in 2023 is 4.9% and 4.1% in 2024 which is very positive given the present international economic environment.
In terms of the sustainability of our economic growth housing challenges are impacting on Ireland’s attractiveness and competitiveness. A very interesting note from IBEC in the link below setting out the issue in detail and the commercial ramifications for business and wider society if the housing crises in Ireland is not immediately and urgently addressed.
When you consider two of the largest house builders in the country having to instigate a judicial review over a Development Plan for 2023-2029 which has seen the number of new houses allocated for building in one county being cut from 22,272 to 9,144 houses, one has to wonder what is going on in Ireland at a regulatory and leadership level given the economic and societal ramifications for these decisions. Immediate and urgent collaboration and actions are needed to protect Ireland Inc.