Ibec ups forecast but warns of complacency when dealing with rapid economic growth

Ibec has warned of the challenge of dealing with the rapid economic growth that Ireland is witnessing, urging the Government to ring-fence its better-than-expected corporate tax revenue gains this year and pump them into investment projects.

The employers’ representative body has, as anticipated, upped its growth forecast for the economy for 2015 on the back of last week’s strong GDP figures from the CSO, which showed the economy is growing at its fastest rate for 15 years.

Ibec now sees the economy (in GDP terms) showing volume growth of 7.1% this year, up from its previous outlook of 5.4%, and value growth of 11.7%.