Multinationals pay workers €37bn, or a third of all wages in Republic

Research by economist John FitzGerald also finds living standards in the Republic are above the average of EU countries, despite the elevated level of prices here

'People have suffered a very substantial hit in terms of purchasing power,' said economist John FitzGerald. 'In the next three years, we would anticipate that wages would catch up.'

Multinational firms pay workers a total of €37bn, accounting for a third of all the wages in the Republic, while the economy is set to weather the current cost-of-living crisis, according to a new assessment.       

The Understanding the Irish Economy report by economist John FitzGerald, for the Economic and Social Research Institute, finds that living standards in the Republic are above the average of European Union countries, despite the elevated level of prices here.