DUBLIN — Ireland’s economy could recover “quite strongly” from pandemic-related curbs in 2021, but employment is unlikely to bounce back for at least two years, according to the state-funded Economic and Social Research Institute (ESRI). In a report published on Thursday, the ESRI cut its earlier 2021 gross domestic product (GDP) growth forecast from 5.2 per cent to 4.4 per cent, citing the likely impact of Ireland’s ongoing third lockdown, which was imposed in late December. The ESRI said the revised projection assumes “a gradual easing of restrictions” from next month and that Covid-19 jabs “will facilitate the broad relaxation of public health restrictions in the second half of 2021.” Ireland’s economy grew by 3.4 per cent in 2020 on the back of record exports in multinational-heavy sectors that have thrived during the pandemic.
DUBLIN — Before his recent resignation, outgoing Irish Prime Minister Bertie Ahern prefaced the annual St. Patrick”s Day pilgrimage to the White House by predicting “a hard year” ahead for the Irish economy. The banking crisis and credit crunch in the United States, as well as the falling dollar, worry Irish policy-makers. Ireland has 25 percent of its trade in dollars and has bet much of its recent economic boom on a 12 percent corporate tax rate — an enormous incentive for U.S. multinationals such as Intel and Microsoft to run pan-European operations out of Ireland. Google has the headquarters of its European and Middle East operations in Dublin. “The company is very pleased with how the Dublin operation continues to develop,” a Google spokesman said.