Exports growth hope played down

The growth in Irish exports is likely to be hit by the slowdown in the world economy, according to the latest National Irish Bank FDI report.

While the figures for the first three months show a continued encouraging export performance, forecasts suggest exports will grow by 5.5% in 2011, down from forecasts of 7%.

National Irish Bank’s chief economist, Dr Ronnie O’Toole, said: “The global financial markets have been hit by a nasty cocktail of worsening macro data and rising discontent among policymakers, which is affecting the outlook for Ireland’s key markets in the US and Europe. A low-growth scenario for the coming two to three years seems increasingly likely.”