Given the bleak UK economic outlook, though, the Bank of England seems the most likely of the three central banks not to extend its rate hiking cycle into the second quarter

The World Bank, in its latest Global Economic Prospects report released earlier this month, warned that the global economy is perilously close to falling into recession this year.

Headline rates already declining after hitting 40-year highs

Central banks are far from finished their programme of rate hikes

Central banks are clear they will stay the course and do what is required to get inflation back down to target

Given the weak economic outlook, interest rates would be expected to be much lower than markets are predicting if inflation has been vanquished in two years’ time

Strong inflows of foreign direct investment have been a key factor behind the extraordinary growth in output, exports and employment enjoyed by the Irish economy in the past couple of years.

Stock markets are likely to have to contend with the risk of a global recession in 2023, which would put company earnings under pressure

The first signs of the marked slowdown in the pace of global growth impacting the Irish economy have become apparent recently, with announcements of imminent job losses in a number of high-profile tech companies.

Differing outlooks for the eurozone, the US and British economies was reflected in the recent policy meetings of their respective central banks