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Amidst rising prices and the uncertainty related to the pandemic, need of the hour is more targeted spending rather than a fiscal stimulus.
The Ireland economy has shown remarkable resilience as it ended 2021 on a strong growth platform and is headed for another year of strong growth in 2022.
EY Ireland Chief Economist, and Eve Bannon, EY Ireland Economic Advisory Associate Director, share their perspectives on how it is important to think long term and structurally to keep prices down.
They talk about the strength of the labour market, the significant build-up of cash in consumers’ bank balances and public finances being in better shape than expected at this stage after the pandemic. They reflect on how that level of spending will create more job opportunities in Ireland as businesses look to make digital, green transformations and investments.
Here are more insights from the EY Economic Eye Winter 2021 report.
Summary
There is a need to think about long-term price decisions. The triple spending impact of consumer spending, business spending and government money means that 2022 looks like a year of fairly strong economic growth.
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