Ibec raises GDP forecast to 4%

Ibec has significantly upped its outlook for economic growth, saying GDP could grow by as much as nearly 4% in 2015 — nearly 1% higher than it previously forecast.

The employers’ representative group has consistently claimed the national economy has the potential to grow by up to 4% annually over the next decade, aided by inflation growth rather than continued tax hikes.

While it sees inflation remaining benign in the near-term — with only gradual increases of 0.8% and 1.4% for 2014 and 2015 — Ibec sees next year’s anticipated movement as the beginning of a growth trend.