6% GDP growth forecast by economist

BORD BIA’S Brand Forum, constituting 90 food and drinks companies were given an upbeat assessment of the economy in Dublin last night.

Bank of Ireland chief economist Dan McLaughlin forecast growth of 6% in GDP terms for this year and said strong growth levels would continue in 2005 as well.

Dr McLaughlin said the rising strength of the euro against the dollar could see further postponement of an ECB interest rate hike. While some concerns persist about oil and its impact, the ECB looks to have softened its stance on the need for an early hike in rates, he said.