Why I'm more optimistic than pessimistic about Ireland’s prospects

It's not all gloomy but some sectors face a slide in discretionary spending. Against this background, the Government should postpone hiking Vat on hospitality back up to 13.5%

Ireland may avoid a recession but firms depending on discretionary consumer spending could face challenges in the first half of 2023. Stock picture: Leah Farrell/RollingNews

At recent events, I’ve watched a new trend not seen since 2007. That is where the organisers subtly suggest I not send the audience into a state of anxiety or depression.

The change of mood reflects the intense uncertainty and fear that many people are feeling about the future. The Ukraine war is rumbling on; the global economic outlook is riskier than we have seen for some time; interest rates are rising; the global technology sector is in a period of significant readjustment; and household real disposable incomes are under extreme pressure from escalating food and energy costs.