• Sun. May 26th, 2024

Navigating Infrastructure Challenges: The Key to Sustaining Economic Growth in Ireland

BySamantha Nguyen

Mar 27, 2024
The economy of Ireland is expected to grow over the next two years.

Ireland’s domestic economy is projected to experience solid growth over the next couple of years, with the Economic and Social Research Institute (ESRI) expecting modified domestic demand (MDD) to increase by 2.3% this year and 2.5% next year. This growth comes after a slowdown in 2023, as higher inflation negatively affected households and there was no real growth in pay during that year.

Although the Irish economy rebounded strongly after the pandemic, it slowed significantly in 2023 due to reduced sales and exports by US pharmaceutical companies operating in Ireland. Despite these challenges, the ESRI anticipates Irish GDP to recover in the next two years as global trade picks up. However, figures show that Irish GDP contracted by 3.2% in 2023 due to multinational companies distorting the primary measure of economic performance.

Despite these challenges, infrastructure bottlenecks main involve issues in housebuilding, renewable energy, and public transport present significant obstacles for Ireland’s economic growth. For example, plans for an underground rail link between Dublin Airport and the city center have been in the works for over two decades are now at the stage of public planning hearings. Addressing these challenges will be crucial for sustaining economic growth in Ireland in the coming years.

In conclusion, while Ireland’s domestic economy is projected to experience solid growth over the next couple of years, addressing infrastructure bottlenecks main involve issues in housebuilding, renewable energy, and public transport will be crucial for sustaining economic growth in Ireland in the coming years.

By Samantha Nguyen

As a content writer at newsqwe.com, I am passionate about crafting engaging and informative articles that captivate our audience. With a background in journalism and a keen eye for detail, I strive to deliver content that is not only well-researched but also adds value to our readers' lives. From breaking news stories to in-depth features, I take pride in my ability to tell compelling stories that resonate with our diverse audience. When I'm not typing away at my keyboard, you can find me exploring new cafes, practicing yoga, or getting lost in a good book. I am thrilled to be a part of the newsqwe.com team and look forward to sharing my love for writing with all of our readers.

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