OECD predicts economy to grow 5%

THE Irish economy is expected to grow by 5% in 2006 and 2005, according to the Organisation for Economic Co-operation and Development (OECD).

This is almost double the OECD’s forecast of 2.9% growth in 2006 and 2007 across its 30 member countries as a whole, with the US economy expected to grow by 3.5% next year and 3.3% the year after, following 3.6% this year. The Irish economy grew by 4.4% this year, the OECD reckons, while average OECD member economies grew by 2.7% this year.

Only the economies of Turkey with 6% and 6.4% expected growth in 2006 and 2007, Slovakia (5.6% and 6.2%) and South Korea (5.1% and 5.2%) will grow faster than Ireland in the next two years.