Dáil Éireann Debate, Thursday - 9 December 2021
175. Deputy Bernard J. Durkan asked the Tánaiste and Minister for Enterprise, Trade and Employment the extent to which he expects the economy to recover and grow over the next five years; and if he will make a statement on the matter. [61064/21]
Amharc ar fhreagraThe Irish economy has shown remarkable resilience since the onset of the COVID-19 pandemic which has caused unprecedented disruption across all sectors of the economy and all regions of the country. Many businesses are still hurting, and will be impacted by the most recent restrictions, but many businesses are also performing very well.
Economic growth in 2020 was predominantly driven by activities in the multinational sector, but growth in 2021 has been more broad-based, with domestic activity rebounding swiftly this year as the economy opened up. The Department of Finance is forecasting that GDP growth for this year will be 15.6% and the domestic part of the economy, as measured by Modified Domestic Demand, will grow by 5.2%.
This robust growth in the domestic and multinational sectors is expected to continue over the coming years with the Department of Finance forecasting growth of 5.0% in GDP for 2022 and 4.1% in 2023. This growth will also be reflected in the domestic economy with Modified Domestic Demand estimated to grow by 6.5% next year and 4.2% in 2023.
The Economic Recovery Plan (ERP) published in June 2021, sets out the Government’s medium-term economic plan to rebuild Ireland’s economy. As well as committing to a package of supports and investments to assist enterprise recovery, the Plan outlines a medium-term policy framework to rebuild sustainable enterprises, encourage job creation and sustainable and balanced post pandemic growth.
These measures will help to sustain the positive growth the economy has experienced over the last year and ensure it is sustainable over the coming five years.
