Anthony Foley: Irish economy to grow at slower rate than we got used to in recent years

Lower interest rates will in time support moderate growth in investment, and the Irish 'labour market miracle' will continue despite geopolitical risks

The big positive for the Irish economy in 2024 will be the continued, and surprising, strength of the labour market. 

The Irish economy will expand this year but at much lower growth rates than the exceptional performances of recent years — and even this outlook depends on global conflicts and interest rate cuts.

There were notable downward revisions for GDP growth in 2023 as the year progressed. A year ago, the Economic and Social Research Institute, or ESRI, had forecast the economy would grow last year by 3%. By last month, the ESRI had predicted GDP would contract by 2.7%.