{"id":83688,"date":"2025-10-16T05:36:07","date_gmt":"2025-10-16T05:36:07","guid":{"rendered":"https:\/\/www.newsbeep.com\/ie\/83688\/"},"modified":"2025-10-16T05:36:07","modified_gmt":"2025-10-16T05:36:07","slug":"ireland-forecast-to-be-fastest-growing-economy-in-2025-the-irish-times","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/ie\/83688\/","title":{"rendered":"Ireland forecast to be fastest growing economy in 2025 \u2013 The Irish Times"},"content":{"rendered":"<p class=\"c-paragraph paywall b-it-article-body__text--left\">Ireland has a habit of producing eye-popping gross domestic product (GDP) numbers. <\/p>\n<p class=\"c-paragraph paywall b-it-article-body__text--left\">In its latest world economic outlook, the <a href=\"https:\/\/www.irishtimes.com\/tags\/international-monetary-fund\/\" target=\"_self\" rel=\"nofollow noopener\" title=\"https:\/\/www.irishtimes.com\/tags\/international-monetary-fund\/\">International Monetary Fund<\/a> (IMF) projects the economy here will expand by 9.1 per cent this year, making it the fastest growing of the world\u2019s more advanced economies.<\/p>\n<p class=\"c-paragraph paywall b-it-article-body__text--left\">The forthy prediction, up from a previous forecast of 2.3 per cent, is less than the <a href=\"https:\/\/www.irishtimes.com\/tags\/department-of-finance\/\" target=\"_self\" rel=\"nofollow noopener\" title=\"https:\/\/www.irishtimes.com\/tags\/department-of-finance\/\">Department of Finance<\/a>\u2019s own 10.8 per cent projection, published alongside the <a href=\"https:\/\/www.irishtimes.com\/budget\/\" target=\"_self\" rel=\"nofollow noopener\" title=\"https:\/\/www.irishtimes.com\/budget\/\">budget<\/a> last week.<\/p>\n<p class=\"c-paragraph paywall \">The IMF linked the upward revision to the front-loading of exports into the US ahead of tariffs.<\/p>\n<p class=\"c-paragraph paywall \">It noted Ireland \u201cdisproportionately contributed to euro area growth in the first quarter, with export performance driven by pharmaceutical sector transactions, partly as a result of front-loading,\u201d it said.<\/p>\n<p class=\"c-paragraph paywall \">In its report, the Washington-based fund warned that the patterns which produced these inflated GDP numbers have now largely reversed and \u201cthere are increasing signs that the adverse effects of protectionist measures are starting to show\u201d.<\/p>\n<p class=\"c-paragraph paywall \">Its projection for Irish economic growth next year was downgraded to just 1.3 per cent.<\/p>\n<p class=\"c-paragraph paywall \">Separately, it noted that core inflation and unemployment in the US have risen in recent months.<\/p>\n<p class=\"c-paragraph b-it-article-body__interstitial-link\">[\u00a0<a aria-label=\"Open related story\" class=\"c-link\" href=\"https:\/\/www.irishtimes.com\/business\/2025\/10\/14\/negative-impact-of-tariffs-starting-to-show-imf-warns\/\" rel=\"noreferrer nofollow noopener\" target=\"_blank\">Negative impact of tariffs starting to show, IMF warnsOpens in new window<\/a>\u00a0]<\/p>\n<p class=\"c-paragraph paywall \">The higher-tariff environment is curtailing external demand \u201cwith profound implications for several large export-oriented economies, while heightened trade policy uncertainty is dampening firms\u2019 appetite for investment,\u201d it said.<\/p>\n<p class=\"c-paragraph paywall \">A potential incoming slowdown in the US courtesy of tariffs was given more legs by US Federal Reserve chairman Jerome Powell who warned the US labour market was showing further signs of distress, comments that were interpreted as signs he could be ready to support another interest rate cut later this month.<\/p>\n<p class=\"c-paragraph paywall \">Mr Powell said in Philadelphia on Tuesday that \u201cthe downside risks to employment have risen\u201d \u2013 the strongest hint yet that Fed officials think they have enough evidence to back another quarter-point cut to US borrowing costs.<\/p>\n<p class=\"c-paragraph paywall \">Economists have, for months, been warning that the president is effectively sabotaging the US economy by placing tariffs on key inputs while stoking an investment freeze with his stop-start policy announcements.<\/p>\n","protected":false},"excerpt":{"rendered":"Ireland has a habit of producing eye-popping gross domestic product (GDP) numbers. In its latest world economic outlook,&hellip;\n","protected":false},"author":2,"featured_media":83689,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[6572,1398,113,61,21326,60,43,1963],"class_list":["post-83688","post","type-post","status-publish","format-standard","has-post-thumbnail","category-ireland","tag-cantillon","tag-department-of-finance","tag-economy","tag-ie","tag-international-monetary-fund","tag-ireland","tag-news","tag-us-tariffs"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/83688","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/comments?post=83688"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/83688\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media\/83689"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media?parent=83688"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/categories?post=83688"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/tags?post=83688"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}