IRELAND ECONOMIC OUTLOOK
January 2022: the December (2021) OECD Economic Outlook indicates that global recovery continues with the world coping better with the pandemic and monetary and fiscal policies remain generally supportive throughout 2022. The report shared that after a rebound of 5.6% in 2021, global growth is likely to move along at a brisk pace of 4.5% in 2022, moderating to 3.2% in 2023. In Ireland, the OECD projects that growth surged in 2021 supported by continued export buoyancy in multinational dominated sectors and a rebound in domestic activity further predicting ease in 2022 to 5.7% and 3.9% in 2023.
In remarks to the Institute of Directors, Gabriel Makhlouf – Governor of the Central Bank of Ireland shared that the Irish economy continued to prove very resilient to the pandemic indicating that each successive wave of the virus is having a reduced economic impact, a trajectory that is expected to continue.
Source: Central Bank of Ireland, OECD
GLOBAL IRELAND’S STRATEGY FOR AFRICA TO 2025
‘Global Ireland: Ireland’s Strategy for Africa to 2025’ sets out how Ireland will build on the existing vibrant relationship with Africa to enhance political, economic and cultural ties. It places partnership at the heart of Ireland’s engagement with the continent. Read the full strategy here
An informative report from the Government of Ireland – Department of Foreign Affairs further provides an overview of the first full year of implementation of the strategy showing that Considerable progress was achieved in 2020 under each of the Strategy’s six objectives in spite of the significant challenges caused by the COVID-19 pandemic. See the report here
Source: Irish Aid, Department of Foreign Affairs
The UK left the EU on Friday 31 January 2020 on the terms set out in the Withdrawal Agreement, including the Protocol on Ireland/Northern Ireland. On 24 December 2020, the EU and UK negotiating teams reached an agreement in principle on a Trade and Cooperation Agreement, which is effective from the end of the transition period. The Agreement will provide for tariff-free, quota-free trade and for sectoral cooperation in a number of important areas. Given the late stage at which the negotiations were finalised, the Agreement is being provisionally applied for a period from 1 January while procedures to conclude the agreement are completed.
Source: Government of Ireland