IMF: Irish GDP to grow 5.6% but Germany and Britain set to contract

International Monetary Fund predicts Ireland's economy will power ahead in 2023 and 2024

The IMF predicts that inflation pressures will ease slowly across major economies over the next two years as 'massive and synchronous' rate hikes by central banks start to rein in consumer prices. File picture

Ireland’s economy will power ahead this year despite major economies in Europe facing contraction, the International Monetary Fund (IMF) has forecast.

Irish GDP will grow by 5.6% this year and then expand by 4% in 2024, according to the IMF’s spring outlook.