Quarterly Economic Outlook Q1 2022

Despite the downwardly revised revision in our forecasts, it is important to acknowledge that our underlying business model remains strong and can deliver growth. However, the global environment will drag on growth this year and next, with rising energy costs, record commodity and transport costs and global supply chain challenges resulting in a slowing of business investment and lower than expected consumer spending. 
 
This coming year will be a tight balancing act for policymakers globally. Measures to support households and businesses must be tightly targeted if we are to avoid adding fuel to the inflationary fire. At the same time, premature or misjudged monetary policy reactions could trigger an unnecessary economic contraction. 

Ibec is calling on Government to intensify work through the Labour Employer Economic Forum to ensure better coordination and targeting of tax, social welfare and other labour market policies that can address inflationary pressures. 

In a special episode of Ibec Voices we are joined by Ibec Chief Economist and Head of National Policy Ger Brady and Ibec Economist, Hazel Ahern-Flynn. 

They present the findings of the Q1 Ibec Economic Outlook titled ‘A difficult balancing act’, discussing themes including rising costs across the global economy, the Russian invasion of Ukraine, inflation, and if we are seeing ‘The Great Resignation’ in Ireland.