Jobless rate decline ‘will not match level of growth’

Unemployment may not fall as rapidly in the coming years as implied by the huge growth numbers in the economy, according to the Economic and Social Research Institute.

The think-tank yesterday forecast very large growth rates and projected that the economy in terms of gross domestic product will jump 4.4% this year and continue to grow strongly next year, by 3.8%.

However, the unemployment rate, currently at 9.8%, may likely fall less steeply, to 8.4% in 2016, the ESRI said.