Jim Power: 2022 was still a remarkable year for the Irish economy

Despite the very negative global economic, financial and political headwinds, the Irish economy performed very strongly

A remarkable tax revenue buoyancy delivered a strong Exchequer surplus and facilitated a very expansionary budget package of €11.3bn

The world ‘polycrisis’ seeks to describe multiple cascading shocks. Since March 2020, that word seems to fit perfectly the world we have lived in. 

We have lived through and continue to live through the pandemic, the Russian invasion of Ukraine, damaged global supply chains, the resurgence of inflation after three decades of dormancy, and aggressive interest rate tightening, albeit from historically low levels. All of these shocks are heavily interrelated but they really cascaded in 2022 and delivered a year that will live long in the memory, but one that many around the world will want to forget.