March 29th – Excellent Report on issues that affects us all, but notably impacts for business. Highly worth the quick read and just click the link at the end here.
Consumer confidence remains at a very low level, with 3 in 4 (74%) believing Ireland will be worse off in the coming year, and just 1 in 10 feeling Ireland will be better off. Financial confidence is starting to dip while 6 in 10 are ‘coping’ with rising prices. Bill anxiety is growing, with 58% of respondents saying, rising bills are having a negative impact on their wellbeing. With less discretionary income, the majority (63%) are changing how they spend money.
To a lesser degree consumers are spending less money on gifts, giving less to charity, and cancelling subscriptions, apps and streaming services.
2023’S MOTTO WILL BE TO “SPEND LESS”.
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Many of the expert opinions in this year’s database are pointing to inflation easing off as the year progresses. On the downside, few predict that inflation will drop back down to the 2% range that Fed policymakers’ favour…
Forecasters have been revising their economic projections downward in recent weeks.
The latest was World Bank, which now sees global growth declining to 1.7% in 2023, down from 3% just six months ago. Most of the predictions in our database see global economic growth in the range of 1.5% to 2%.
The large savings accumulated during the acute phase of the pandemic will cushion the impact of higher prices. Irish households continue to engage in considerable saving activity, partly for precautionary reasons. Generally, the financial situation of Irish households remains solid, with the unemployment rate at historic lows and wages rising, albeit more slowly than inflation.
Exports, notably of multinational corporations producing medical devices, pharmaceuticals and those providing information and communication services, remain the driving force behind Ireland’s very strong economic growth. These sectors are generally expected to remain resilient and supply difficulties have reportedly diminished.